The characteristic resistance to oxidation of virgin olive oil is related to its unique fatty acid composition in addition to several minor components that have antioxidant properties. Among the latter, phenols are the most important. Several factors can influence the chemical or enzymatic oxidative processes that extend or shorten the shelf-life of olive oil. Furthermore, the amount of phenolic compounds extracted during production is fundamental for the oxidative and nutritional quality of the oil. In fact, it is well known that different steps used for preparation of virgin olive oil may determine differences in the quantities of phenol. At present, various analytical methods are available to analyze the hydrophilic components, including spectrophotometric assays (traditional) and high resolution chromatographic techniques (HRGC, HPLC, HPCE). In this review we summarize these different methodologies and demonstrate that the amount of phenolic compounds in virgin olive oil as determined by both traditional and high resolution techniques can be influenced by different factors including the olive cultivar and degree of ripeness, as well as by production and extraction technologies.