The essential oils extracted from the peels of two Tuscany Citrus of the Massa province have been characterised. Moreover, the flavedo of these species has been used in the production of two Citrus olive oils (COOs) obtained with an innovative method in which the citrus peels are cryomacerated and then pressed with the olives. The presence of functional compounds, such as carotenoids, naringenin and minor phenolics, classifies these COOs as nutraceuticals with the potential to develop enriched foods able to promote a healthy diet. Moreover, the increased presence of tyrosol and hydroxytyrosol, compared to the unflavoured oil, further highlights the nutritional value to the two COOs, being these phenolic compounds recognized as good possible therapeutic candidates for the inhibition of neurodegenerative diseases as the Parkinson’s disease. In this perspective, the citrus peels, rich in bioactive compounds, have been valued transforming their waste nature in an innovative resource.