The olive tree (Olea europaea) is widely cultivated for the production of both oil and table olives and very significant because of its economic value. Olive and olive oil, a traditional food product with thousands of years of history, are the essential components of the Mediterranean diet and are largely consumed in the world. Beside of their economical contribution to national economy, these are an important food in terms of their nutritional value. Olive and olive oil may have a role in the prevention of coronary heart disease and certain cancers because of their high levels of monosaturated fatty acids and phenolic compounds. In addition, olives (Olea europaea L.) and olive oils provide a rich source of natural antioxidants. These make them both fairly stable against auto-oxidation and suitable for human health. The aim of this paper is to define the historical development and nutritional importance of olive and olive oil constituted an important part of the Mediterranean diet.