Vegetable oils are prone to oxidation, which detracts from their quality and nutritional value, and β‐carotene is a major carotenoid with healthy properties. In this work, fungal β‐carotene was added to extra‐virgin oils from Picual olives in order to prevent their degradation and foster consumption of bioactive substances. The effect of β‐carotene was assessed by comparing various quality‐related physical and chemical properties of the oils in its presence and absence. The oils were also examined for their response to microwave heating and exposure to light. The fact that no substantial changes in free acidity were observed upon addition of the carotenoid suggests the absence of hydrolysis reactions in the oils. Except for free acidity, all physical and quality‐related parameters of extra virgin olive oil were altered by microwave heating and exposure to UV light. The changes, however, were less marked in βC‐enriched samples, which suggest that the carotenoid has a protective effect against degradation. Based on the results, natural antioxidants such as β‐carotene may provide an effective means for increasing the shelf‐life, nutritional value, and resistance to degradation of extra‐virgin olive oil. Novelty impact statement Adding β‐carotene to olive oil increases its nutritional value and improves oil stability against microwave heating and light exposure. Using carotenoid‐enriched olive oils as new functional foods can be useful to increase the daily intake of essential bioactive molecules through human diet, enhance the healthy properties of oils and confer them valuable nutritional assets and additional stability.