This study elucidate the modification on oxidative and thermal stability of acid olive oils during the neutralization step. The neutralization of an acidified olive oil, chosen as model, was carried out by substituting lime (calcium hydroxide) for soda (sodium hydroxide) as the neutralizing agent. Resulting olive oil preserved almost 95% of their alpha-tocopherol content and had higher temperatures of thermal decomposition than oils neutralized with soda. Oils neutralized with lime had better oxidative stability since the losses of their natural antioxidants, particularly tocopherols, were very limited. The neutralization with soda was accompanied by a passage of epoxides and hydroperoxides (products of first stage of oxidation) to alpha, beta-unsaturated aldehydes and ketones (products of second stage of oxidation). These purposes were confirmed by thermal spectrophotometric analyses and the increase of the carbonyl value after neutralization.