The influence of the phenolic content in olive paste of cv. Buža increased by the addition of an aqueous solution of phenolic extract of freeze-dried olive pulp (cv. Istarska bjelica) on the final products of the lipoxygenase pathway in oil was studied. Increases by 12, 38, and 56% for ripe fruits (maturity index = 4.0) and by 38% for unripe fruits (maturity index = 1.2) were examined. Phenols in the olive paste were determined according to the HPLC method, whereas volatiles in oil were determined according to SPME-GC-MS. A significant negative effect on Z-3-hexenal and E-2-hexen-1-ol (Tukey's test, p < 0.05) was found for ripe fruits (average decreases of 55 and 60%, respectively), but not for the unripe sample. Positive effects in both ripening levels were found for Z-3-hexenyl acetate (average increase of 68% for ripe and a double increase for unripe fruits) and total C5 compounds (average increase of 32% for ripe and an increase of 30% for unripe fruits).