This week we bring to you an important review of the components responsible for the health benefits of the Mediterranean diet, with a particular focus on olive oil, and cancer physio-pathology. This review highlights the protective effects of olive oil on certain types of cancer, such as colorectal, breast, upper gastrointestinal, bladder, lung, endometrial, ovarian, and cervical cancer, among others. The review points out various studies in which the use of olive oil reduced the risk of incidental breast and colorectal cancer up to 69% and 76%, respectively. Adherence to the Mediterranean diet was associated with a reduction of overall cancer mortality between 14% and 37% across studies with varied populations outside the Mediterranean basin. The chemopreventive effects of olive oil are mainly exerted by their phenolic content, particularly hydroxytyrosol, oleocanthal cancer, and cinnamic acid derivatives. These bio-compounds have demonstrated antineoplastic activity through the promotion of apoptosis, modulating epigenetic patterns, blocking the cell cycle, and attenuating angiogenesis. Moreover, it has been observed that the biocompounds of olive oil may act synergistically, among themselves and/or with chemotherapeutic agents, which may ultimately result in enhanced anticarcinogenic effects.