The electrochemical oxidation (EO) of the breast-cancer drug anastrozole (ANZ) is studied in this work. The role of various operating parameters, such as current density (6.25 and 12.5 mA cm−2), pH (3–10), ANZ concentration (0.5–2 mg L−1), nature of supporting electrolytes, water composition, and water matrix, have been evaluated. ANZ removal of 82.4% was achieved at 1 mg L−1 initial concentration after 90 min of reaction at 6.25 mA cm−2 and 0.1 M Na2SO4. The degradation follows pseudo-first-order kinetics with the apparent rate constant, kapp, equal to 0.022 min−1. The kapp increases with increasing current density and decreasing solution pH. The addition of chloride in the range 0–250 mg L−1 positively affects the removal of ANZ. However, chloride concentrations above 250 mg L−1 have a detrimental effect. The presence of bicarbonate or organic matter has a slightly negative but not significant effect on the process. The EO of ANZ is compared to its degradation by solar photo-Fenton, and a preliminary economic analysis is also performed.