Pomegranate peels are the major by-products of the processing of pomegranate juice. Scientific research studies have shown that pomegranate peels are an extraordinary source of bioactive compounds, most of which can be converted into value added products. From this point of view, the present study was carried out with the aim of providing a solid basis for the use of whole pomegranate peels (Akko variety) as a source of nutraceutical compounds, such as β-glucans. Moreover, acetone (S1) and methanolic (S2) extracts, obtained in the preliminary stage of the β-glucan isolation procedure, have been tested for their antioxidant and antitumor activities. The total phenolic content and phenolic profile of S1 and S2 were determined. S1 and S2 exhibited a significant DPPH scavenging activity, with an IC50 value for S1 1.5-fold lower than that for the standard Trolox. Both S1 and S2 extracts possess in vitro ROS scavenging activity toward 3T3-L1 murine fibroblasts and Hek-293 human embryonic kidney epithelial cells and antiproliferative activity towards human breast MCF-7 and uterine HeLa cancer cells.