The partition coefficient (K(p)) of the natural phenolic antioxidant compounds in the olive fruit between aqueous and olive oil phases was determined. The antioxidants of olive oil are either present in the olive fruit or formed during the olive oil extraction process. The antioxidants impart stability to and determine properties of the oil and are valuable from the nutritional point of view. The olive oil antioxidants are amphiphilic in nature and are more soluble in the water than in the oil phase. Consequently, a large amount of the antioxidants is lost with the wastewater during processing. The determination of antioxidants was performed using HPLC, and the K(p) was estimated to be from as low as 0.0006 for oleuropein to a maximum of 1.5 for 3,4-DHPEA-EA (di-hydroxy-phenyl-ethanol-elenolic acid, oleuropein aglycon). Henry's law fitted very well to the experimental data. The partition coefficients were also estimated by applying the activity coefficients of the antioxidants in the two phases using a predictive group contribution method, the UNIFAC equation. The K(p) values estimated with UNIFAC method were of the same order of magnitude but varied from the experimental values. Nevertheless, this method may be a rough predictive tool for process optimization or design. Because the K(p) values were very low, some changes in the process are recommended in order to achieve a higher concentration of antioxidants in the oil. A temperature increase may lead to increasing the partition coefficient. Also, limiting the quantity of water during oil extraction could be a basis for designing alternative processes for increasing the antioxidant concentration in the olive oil.