Pomegranate is a berry fruit that has attracted a lot of attention since, besides its appetizing taste, it confers important health benefits when consumed. Pomegranate derivatives such as seeds are also an excellent nutritional source of bioactive components and functional lipids. The present study aimed to evaluate the influence of microwave-assisted and ultrasound-assisted extractions, under different extraction parameters (temperature, extraction time, solvent to sample ratio) for the recovery of the highest amount of pomegranate seed oil. There were not significant differences between the obtained oil yields for microwave-assisted and ultrasound-assisted extractions (18.38 and 17.64%, respectively). For both methods, temperature and solvent to sample ratio exerted the main influence on pomegranate seed oil extraction yield, whereas extraction time only affected microwave-assisted extraction. Based on the obtained results and considering economic issues, the best treatment was using ultrasound-assisted extraction at 45 °C, 10 min and a solvent to sample ratio of 1:5 (g/mL), with an oil yield of 17.64%. Six fatty acids were identified by GC/MS, with punicic acid (> 75%) as the major residue in pomegranate seed oil. The extracted oil showed antioxidant values of 9.81 and 3.93 mg TE/g of seed, with 91.29 and 98.28% scavenging activity against DPPH and ABTS radicals, respectively. The oil also exhibited a 95.99% of lipid oxidation inhibition. Pomegranate seed is a potential source of health-promoting compounds, such as punicic acid, and natural antioxidants with a high radical scavenging activity.