Maturity is one of the most important factors associated with the quality evaluation of fruit and vegetables. This work aims to investigate the effect of the maturation process of the olive fruit on the phenolic fraction and fatty acid of irrigated Chétoui cultivar. The phenolic composition was studied by using reverse-phase high-performance liquid chromatography followed by LC-MS and GC-MS analyses and fatty acids by GC. Oleuropein was the major phenolic compound at all stages of ripeness. Unexpectedly, both phenolic compounds hydroxytyrosol and oleuropein exhibited the same trends during maturation. Indeed, the oleuropein levels decreased during the ripening process and were not inversely correlated with the concentrations of hydroxytyrosol. The antioxidant capacity of olive extracts was evaluated by measuring the radical scavenging effect on 1,1-diphenyl-2-picrylhydrazyl and the beta-carotene linoleate model system. The IC 50 and AAC values of the olive extracts decreased from 3.68 to 1.61 microg/mL and from 645 to 431, respectively. There was a correlation between the antioxidant activity and the oleuropein concentration. The fatty acid composition was quantified in olive fruit during maturation and showed that fatty acids were characterized by the highest level of oleic acid, which reached 65.2%.