In addition to providing organoleptic traits, olive oil's minor components, most phenolic in nature, are endowed with pharmacological/pharma-nutritional properties that are the subject of active research worldwide. Based on our >25 years of experience in this field, we critically focus on what we believe are the most pharmacologically prominent actions of olive oil's constituents. Most of the effects are due to extra virgin olive oil's phenolic molecules such as hydroxytyrosol and oleocanthal (which are often miscategorized as in vivo antioxidants) and concern the cardiovascular system. Other potentially salubrious activities are still to be investigated in depth. We conclude that - in the context of a proper diet that includes high-quality products - the use of high-quality olive oil contributes to achieving and sustaining overall health.