Active edible films based on corn starch containing glycerol as a plasticizer and an olive extract obtained from Spanish olive fruit (Olea europaea) by-products (olive extract; OE) at different concentrations (0, 0.05, 0.1 and 0.2 wt%) were prepared by using the casting technique and further solvent-evaporation. OE showed high total phenolic and flavonoids contents and antioxidant activity, which was evaluated by using three different methods: free radical scavenging assay by (1, 1-Dipheny l-2-picrylhydrazyl) DPPH, 2, 2-Azino-bis (3-ethylbenzothiazoline-6-sulfonic acid) ABTS radical inhibition and ferric reducing antioxidant power (FRAP). The incorporation of OE into the corn starch/glycerol matrix underlined the antioxidant potential and antimicrobial effect against E. coli and S. aureus of these novel active films, being noticeable for films added with 0.2 wt% OE. The developed active films showed a clear thermo-oxidative stability improvement with OE incorporation, in particular at 0.2 wt% loading with an increase of around 50 °C in the initial degradation temperature (Tini) and oxidation onset temperature (OOT). The functional properties of control films were also improved with OE addition resulting in a decrease in Young's modulus, elongation at break, shore D hardness and water vapor permeability. The present work suggested the potential of the developed corn starch-based edible films as low-price and sustainable food packaging systems to prevent the oxidative deterioration of packaged foodstuff while reducing also the generation of olive by-products.