In Mexico, mango processing waste constitutes approximately 600,000 tons per year. This work aims to evaluate peels and seeds’ bioactive compounds and antioxidant activity (AA) from Mangifera indica L cv Ataulfo waste. Mango peel flour (MPF) and mango seed flour (MSF) were obtained. Mango seed oil (MSO) was obtained from MSF, then physicochemically evaluated, and the fatty acid composition was determined by methyl esters formation (FAME) and gas chromatography. The total phenolic content (TPC), carotenoids, chlorophyll a, b, and total, and vitamin C from the MSF and MSO extracts were quantified. The AA was analyzed by DPPH and ABTS. The MSO showed similar physicochemical characteristics and fatty acid composition to cocoa butter and shea butter. Stearic (C18:0), oleic (C18:1), and linoleic (C18:2) fatty acids constituted the majority of the total fatty acids, and the ratio of stearic: oleic acids was 0.82. The MPF had 186.11 ± 0.94 mg GAE/g of TPC, 164.67 ± 1.56, 292.88 ± 1.38, and 457.55 ± 0.93 mg/kg of chlorophylls a, b, and total, respectively, and the carotenoid content in MSO was 120.76 ± 1.98 mg β-carotene/kg. All bioactive compounds influenced the AA.