There is an increasing trend in the consumption of olive oil, especially extra virgin olive oil, due to its health benefits. These health benefits are mainly correlated to health-promoting components of olive oil such as polyphenols, tocopherols, and carotenoids, positive effects of olive oil on the inhibition of foodborne pathogens, stimulation of the growth of beneficial microorganisms, and its antioxidant activity. These attributes make olive oil one of the leading healthy edible oils worldwide. The current study overviews the recent findings on the health benefits of olive oil consumption including its effects on gut microbiota, its antioxidant activity, and its ability in preventing cardiovascular disease (CVD). In addition, the potential mechanism involved in these health-promoting effects are discussed. Key findings and conclusions: This study showed that olive oils originated from various regions of the world can pose some positive effects on gut microbiota. Moreover, this edible oil (especially the extra virgin type) can prevent CVD due to the high levels of valuable bioactive components including phenolic compounds (e.g. oleocanthal, tyrosol, hydroxytyrosol, oleuropein, and oleuropein aglycone) and the presence of highly bioavailable health-promoting carotenoids such as provitamin A, β-carotene, and lutein. Furthermore, the oral intake of extra virgin olive oil can be beneficial in preventing cancer and type 2 diabetes. Therefore, the consumption of olive oil, especially the extra virgin type, can be recommended not only because of its healthy fatty acid profile (particularly oleic acid) but also due to valuable positive effects of its bioactive components on human health. Display omitted •Olive oil, especially,extra virgin olive oil (EVOO), contains bioactive compounds (e.g., polyphenols).•Fatty acid profile of EVOO is rich in oleic acid which possess beneficial health effects.•EVOO could improve health through positive effects on gut microbiota.•EVOO could reduce the risk of cardiovascular diseases.•EVOO could reduce the risk of hypertension, type 2 diabetes, and cancer.