Olive oil contains three major antioxidants: vitamin E, polyphenols, and phytosterols. Antioxidants, when topically applied, may help protect the skin from premature skin aging. Vitamin E partly accounts for the anti-aging benefits of olive oil because it helps restore skin smoothness and protects against ultraviolet light. Hydroxytyrosol, a rather rare compound found in olive oil, also prevents free radical damage to the skin.