Near infrared (NIR) reflectance and Raman spectrometry were compared for determination of the oil and water content of olive pomace, a by-product in olive oil production. To enable comparison of the spectral techniques the same sample sets were used for calibration (1.74-3.93% oil, 48.3-67.0% water) and for validation (1.77-3.74% oil, 50.0-64.5% water). Several partial least squares (PLS) regression models were optimized by cross-validation with cancellation groups, including different spectral pretreatments for each technique. Best models were achieved with first-derivative spectra for both oil and water content. Prediction results for an independent validation set were similar for both techniques. The values of root mean square error of prediction (RMSEP) were 0.19 and 0.20-0.21 for oil content and 2.0 and 1.8 for water content, using Raman and NIR, respectively. The possibility of improving these results by combining the information of both techniques was also tested. The best models constructed using the appended spectra resulted in slightly better performance for oil content (RMSEP 0.17) but no improvement for water content.