The characterization of bioactive components of virgin olive oil from nine varieties (Cuquillo, Empeltre, Manzanilla, Cornicabra, Picual, Arbequina, Lechin, Picudo, and Hojiblanca) has been carried out. Carotenoids, chlorophylls, α-tocopherol, fatty acids, total phenols, and individual phenols were determined. The antioxidant capacity was evaluated by 2,2′-diphenyl-1-picrylhydrazyl and 2,2′-azinobis (3-ethylbenzothiaziline-6-sulfonate) radical scavenging capacity assay, ferric reducing antioxidant potential assay, and oxygen radical absorbance capacity assay. Twelve phenolic compounds were detected and quantified by high-performance liquid chromatography with diode-array detection. Dialdehydic form of elenolic acid linked to tyrosol and hydroxytyrosol, oleuropein, and ligstroside aglycones were the major components in all the samples. Principal component analysis confirmed that Manzanilla, Lechin, Cuquillo, and Hojiblanca var. were the most similar. Furthermore, these results showed that the antioxidant capacity measured by different assays was highly influenced by the phenolic content, especially the dialdehydic form of elenolic acid linked to tyrosol and hydroxytyrosol.