The aim of this study was to optimize the extraction of oleuropein from olive leaves through a systematic study of the effects of different parameters of ultrasound‐assisted extraction (USAE) on the oleuropein yield, in comparison with conventional maceration extraction. A range of operational parameters were investigated for both conventional maceration extraction and USAE: solvent type, olive leaf mass‐to‐solvent volume ratio, and extraction time and temperature. Oleuropein yield was determined using high‐performance liquid chromatography, with total phenolics content also determined. The optimized conditions (water–ethanol, 30:70 [v/v]; leaf‐to‐solvent ratio, 1:5 [w/v]; 2 hr; 25°C) provided ~30% greater oleuropein extraction yield compared to conventional maceration extraction. The total phenolics content obtained using the optimized USAE conditions was greater than reported in other studies. USAE is shown to be an efficient alternative to conventional maceration extraction techniques, as not only can it offer increased oleuropein extraction yield, but it also shows a number of particular advantages, such as the possibility of lower volumes of solvent and lower extraction times, with the extraction carried out at lower temperatures.