Ayvalik is an important olive cultivar producing high quality oils in Turkey. In the present study, volatile and phenolic compositions of early-harvest extra virgin olive oil (cv. Ayvalik) were determined. The solvent-assisted flavor evaporation (SAFE) technique was used for the extraction of volatile components. The aromatic extract obtained by SAFE was representative of the olive oil odor. A total of 32 aroma compounds, including alcohols, aldehydes, terpenes, esters, and an acid, were identified in the olive oil. Aldehydes and alcohols were qualitatively and quantitatively the most dominant volatiles in the oil sample. Of these, six volatile components presented odor activity values (OAVs) greater than one, with (Z)-3-hexenal (green), hexanal (green-sweet) and nonanal (fatty-pungent) being those with the highest OAVs in olive oil. A total of 14 phenolic compounds were identified and quantified by liquid chromatography combined with a diode array detector and ion spray mass spectrometry. The major phenolic compounds were found as 3,4-DHPEA-EDA, 3,4-DHPEA-EA and p-HPEA-EDA.