Lipids are important source of nutrition. Olive oil, recognized for its high levels of monounsaturated fatty acids and a nutraceutic or functional food right from infancy plays a predominant role in this context. Monounsaturated fatty acids and various phenolic compounds such as oleocanthal, oleuropein, hydroxytyrosol and tyrosol are the main nutraceutical substances of extra-virgin olive oil (EVOO). These substances have been suggested to have the ability to modulate ageing- associated processes. It is one of the best medicaments for delaying aging, and is also a good source of phytochemicals including polyphenolic compounds, squalene, alpha-tocopherol, carotenoid that may contribute to its overall therapeutic characteristics. An integral ingredient of the Mediterranean diet, extra-virgin olive oil has always been considered a middle road between food and medicine and there is growing evidence that its health benefits include reduction of coronary heart disease risk factor, prevention of several types of cancer, and the modification of immune and inflammatory responses. Well established reasons exist for considering olive oil the best nutritional agent that preserves good health, improves the quality of life and also makes it more enjoyable.