Olive pomace is characterized by high concentrations of phenolic compounds and it can serve as a good raw material for their extraction. The aim of this study was to optimize a rapid extraction process using microwaves and ultrasound. Using conventional method, the highest concentration of phenols was obtained after 3 hours of extraction. By using microwaves and ultrasound similar concentration of phenols in the extract was obtained in only 6 minutes, 30 times faster. The use of microwaves and ultrasound, in addition to the yield of phenols, influences the composition of the phenolic compounds as well. In contrast to conventional methods, microwave extraction reduces the concentration of vanillin, pinoresinol and p-coumaric acid, and increases the concentration of hydroxytyrosol and vanillic acid, oleuropein and tyrosol in the extract. The use of microwaves and ultrasound reduces the concentration of hydroxytyrosol, vanillin and pinoresinol, but increases the concentration of vanillic and p-coumaric acid. It is shown that the strength of microwaves and duration of the extraction process have a positive effect, while the increasing proportion of methanol has a negative effect on the extractability of phenolic compounds. The optimum conditions for the extraction of phenols from olive pomace using microwave extraction were achieved with 60 % methanol solution, after 6 minutes of extraction and a microwave power of 300 W, while the ultrasound-microwave extraction method showed a very similar effect under the same conditions with 30 % less microwave power used.