This work presents a comprehensive analysis of the extraction of essential oils from pine (Pinus sylvestris) needles and the evaluation of wood waste as an alternative raw material. The main aim of the study is to explore the potential of transforming wood waste, which is harmful for the environment, into high value-added products under the “waste-to-value” concept. Hydrodistillation and Soxhlet extraction techniques were used to obtain essential oils and the efficiency of these techniques was comparatively evaluated in terms of yield, selectivity and compositional features of the outcomes. The experimental studies conducted proved that the method of extraction used influences significantly the quantitative indicators as well as the chemical composition of the essential oils. The physical and chemical properties of the obtained essential oils were studied and included the density, refractive index and spectral analysis, using modern analytical techniques. FTIR analysis indicated the presence of diverse functional groups (hydroxyl, carbonyl and aliphatic structures) within the samples, confirming the complex multi-component composition of the essential oils. The results indicate that hydrodistillation is more suitable for the selective separation of volatile compounds, such as low-molecular-weight essential oils, whereas Soxhlet extraction enables recovery of a wider range of higher-molecular-weight compounds in the organic extract. Such differences are clearly evident in the physicochemical parameters and spectral features of the obtained products.