The aim of this study was the monitoring of the chemical composition of olive oil at different ripening stages to determine the appropriate harvesting time during any given crop season in the northern Adriatic region. For this purpose, from September to November, two Croatian olive cultivars (Drobnica and Buza) were taken from two different olive orchards and for the respective olive oils, prepared on a laboratory scale, the major saponifiable, unsaponifiable and phenolic compounds were determined. Based on the chemical analyses performed, the optimal harvesting time has been set in October for both cultivars. Buza had a higher oleic acid, but lower total sterols, squalene and total alkanols. Compared to the local cultivars, the studied cultivars had a high total phenolic content and antioxidant activity. The antioxidant activity and concentrations of total phenols correlated with α-tocopherol in oil samples taken during the ripening progress. Finally, trace minerals detected in Buza and Drobnica oil differed, which can be an indicator of oxidative stability and authenticity of oils.