Phenolic and orthodiphenolic compounds together with carotenoids, tocopherols, pigments, and fatty acids were tested for their antioxidant effect in 79 samples of virgin olive oils cv. Picual and Hojiblanca. A linear regression based on the oleic/linoleic ratio and the contents of phenols and tocopherols showed a good correlation (adjusted-R(2) = 0.91) with the stability measured by Rancimat, later verified with an external text set (adjusted-R(2) = 0.95). A tentative study on the percentage contribution of each chemical variable to stability is discussed. The contribution of phenolic and orthodiphenolic compounds was around 51%, the composition of fatty acids 24%, and in less percentage alpha-tocopherol, carotenoids, and chlorophylls. No effect, or very little, was shown by beta- and gamma-tocopherols.