A comparative study was performed on Trichoderma harzianum and a combination of Candida boidinii/Bacillus pumilus to reduce the polluting effect of TOPW (Table Olive Processing Water) from the Spanish style. A 2k fractional design was used to study the effect of pH (6–11 for the fungus and 6–9 for Candida/Bacillus), temperature (10–35◦C) and duration (7–14 days for Candida/Bacillus and 14–21 days for T. harzianum), and the effect on phenol reduction, COD and color was evaluated. The experiments were also performed on diluted TOPW (dilution ratio 1:1). Generally, Trichoderma removed higher amounts of phenols and reduced COD more than the combination Candida/Bacillus, thus confirming the higher efficiency of filamentous fungi reported in the literature. The dilution of TOPW had an effect only on COD reduction; however, the effect was mild, at least for T. harzianum (4%), while yield increase was 9% for Bacillus/Candida. pH acted in a different way on phenol removal and COD reduction; an increase of pH caused a reduction of efficiency for COD, while the effect was positive for phenols