The phenolic compounds in extracts from pressed olive cake were investigated. Free phenolic compounds were extracted from olive cake using methanol. To liberate bound phenolic compounds, the olive cake was subjected to basic and acidic hydrolysis followed by methanol extraction. The individual phenolic compounds and antioxidant activity of the extracts were determined. The highest total phenolic content and antioxidant activity were obtained using methanol extraction for 12 h at 70 °C. The RP-HPLC profiles for full-fat and defatted olive cake showed that protocatechuic acid, hydroxybenzoic acid, sinapic acid, p-coumaric acid, rutin and hesperidin were the predominant free phenolic compounds. Meanwhile, syringic acid, sinapic acid, caffeic acid and protocatechuic acid were the predominant bound phenolic acids. A positive correlation was observed between total phenolic content and antioxidant activity. The results indicated that most of the phenolic compounds in olive products were present in their free forms (75–90% of total phenolic content), while bound phenolic compounds were only a small proportion (10–25%) of total phenolic content.