Olive oil mills represent an important sector in the Mediterranean Sea Basin but also an environmental hazard due to untreated wastewater. Recovery of nutrients from olive oil mill wastewater (OMWW) as protein-rich microbial biomass can produce novel feed and reduce its chemical oxygen demand; however, low-protein containing products have been reported. New strategies leading to higher protein-containing fungal biomass could renew the research interest on bioconversion for pollution mitigation of OMWW. In this work, through cultivation of edible filamentous fungi (Aspergillus oryzae, Neurospora intermedia, and Rhizopus delemar), a link between the protein content in the originated fungal biomass, and the addition of nitrogen and medium dilution was established. Addition of nitrogen in the form of NaNO3 reduced the cultivation time from 96 h to 48 h while achieving a similar biomass mass concentration of 8.43 g/L and increased biomass protein content, from w = 15.9% to w = 29.5%. Nitrogen addition and dilution of OMWW, and consequent reduction of suspended solids, led to an increase in the protein content to up to w = 44.9%. To the best of our knowledge, the protein contents achieved are the highest reported to date and can open new research avenues towards bioconversion of OMWW using edible filamentous fungi.