Olive cake, a by-product of the olive oil industry, was characterised through a drying process, where the influence of air drying temperature on physicochemical properties and antioxidant activity was investigated. A comparison of fresh and dehydrated olive cake showed that drying led mainly to denaturation of crude protein. Crude fibre content showed a slight increase during drying and may have undergone some alterations in its structure due to Maillard reactions. Fatty acid analysis revealed that olive cake was especially rich in oleic acid and fatty acid composition did not significantly change during drying. Ash content also showed a slight variation but may be considered as practically unchanged. Potassium and sodium were respectively the most and the least abundant minerals found in olive cake. Total phenolic content showed a direct relationship to DPPH radical scavenging activity. Overall antioxidant activity, highest in fresh olive cake, was affected by air drying temperatures being more evident at 90 °C. Vitamin E showed an increasing trend at all drying temperatures. According to this investigation, convective dehydration can lead not only to a dried olive cake that can be used as a material for many processing industries (e. g. food and cosmetic) but also can contribute to minimize the environmental impacts of this agro-industrial waste.