The HPLC phenolic profile of virgin olive oils obtained from young olive trees (Arbequina cv.) grown under different deficit irrigation strategies was studied. Deficit irrigation (RDI) did not affect all the phenolic compounds in the same way. Lignans, vanillic acid, vanillin, and the unknown phenolic compound named P24 increased in the oils from the most irrigated treatments. The secoiridoid derivatives and the unknown phenolic compound named P19 increased in the oils from the most stressed irrigation treatments. The period of growth where a water stress significantly affects the phenolic profile of oils was between pit hardening and the first stages of fruit growth and oil accumulation, independently of the water applied during the previous period to harvest. The phenolic profile and those parameters related to phenol content, oxidative stability, and the bitter index were significantly affected only in the most severe RDI strategies. Other strategies produced important savings in irrigation requirements and an increase in the water use efficiency without noticeably affecting the phenolic profile.