Cancer is a widespread disease and a leading cause of death worldwide. This has increased interest in foods that contribute to lowering its incidence. Olive oil is a key component of the Mediterranean diet and contains numerous bioactive compounds, including oleuropein, hydroxytyrosol, oleocanthal, squalene, sterols, tyrosol, and oleacein, which possess various properties and benefits. This review examines the potential of these compounds as anticancer agents and their ability to manage various types of cancer. Chemical structure, mechanisms of action, and potential to work in combination with conventional treatments were discussed for each compound. Studies discussed in this review show promising anticancer effects of olive oil compounds with high potential to augment conventional treatments through the anticipated anticancer effect of the Mediterranean diet with olive oil. This review focused on in vitro and preclinical studies of using olive oil phytochemicals in cancer research. However, further clinical and experimental studies are needed to determine the optimal dosage of olive oil and better confirm its therapeutic efficacy.