Because of the limited number and size of the oil extraction opportunities, olives are generally piled and stored at ambient temperatures for weeks before processing. Under these conditions biochemical changes could result a negative affect on the olive quality. The changes in the olive result poor stability in olive oil because of the oxidation and decomposition of bioactive compounds such as phenolic substances. Indeed, it is known that polyphenols are a large family of compounds found in plant tissues, which show strong antioxidant activity. The healthy characteristic of the phenolic compounds is associated to their radical scavenging activities. In this study, Gemlik olives cultivated from Osmaniye area were stored for 25days at 5 degrees C under three different conditions (20kPa CO2 atmosphere, 20kPa N-2 atmosphere and air). Olive oil was extracted following of 0, 5, 15 and 25days of olive fruits storage. Qualtiy markers (free fatty acidity, peroxide value, K-270 and K-232) together with the phenolic compounds and fatty acid compositions of oils were determined. The physical properties of olives (flesh/pit ratio, average weight and fruit firmness) were well-preserved under CO2 and N-2 atmospheres. The phenolics (tyrosol, syringic acid, vanilin, p-coumaric acid, oleuropein, cinnamic acid and luteolin) and fatty acids (palmitic, palmiteloic, heptadecanoic, heptadecenoic, stearic, oleic, linoleic, linolenic, arachidic, behenic, docosadienoic and lignoceric acids) composition were generally unchanged during storage. Oleuropein, the bitter principle of olives disapperead faster in the oils obtained through storage under N-2 than other storage conditions.