The essential oil of Boswellia species is extracted by the conventional method of hydrodistillation (HD). In this study, we aimed to compare this reference to microwave-assisted distillation (MAD) at different power densities. The results showed that microwave extraction can result in a substantial reduction (48 min against 180 min for reference) of the batch time when the power density of 2 W/g is applied. Also, the energy consumed by the new process is 2.7 times less than HD. The essential oil produced by MAD has a chemical composition different from that of reference treatment. Although microwave treatment increased the proportions of the main components (α-thujene and α-pinene), the opposite tendency was observed for o-cymene, estragole, methyl eugenol, and δ-guaiene. A 26.5% decrease in oil extracted by MAD at 1 W/g is required to achieve 50% inhibition of the DPPH radical compared to HD. In conclusion, MAD is a promising technology for producing olibanum oil with new qualitative attributes.