Olive oil is the main fat source of the Mediterranean diet. This seasoning ingredient is highly appreciated for its unique taste, functional properties, and positive impact on human health. The determination of chemical composition is a demanding task in order to fully characterize this precious food product, ensure its quality, and prevent fraudulent practices. Among innovative techniques proposed for the oil analysis, surface-enhanced Raman spectroscopy (SERS) can be an extremely useful tool for olive oil characterization. In this frame, we have investigated five noncommercial olive oils produced in different parts of South Italy by using a commercial Raman microspectroscopy apparatus and home-made signal-enhancing SERS substrates. A wavelet-based data analysis has allowed us to efficiently remove the background and the noise from the acquired spectra. The analysis of these SERS spectra has enabled the quantification of the relative contents of carotene, oleic acid, and phenols. These relative contents differ in the examined samples. In addition, SERS response in the lipid region has indicated differences in the relative abundance of saturated fatty acids. The present results confirm the validity of the SERS technique as a rapid, nondestructive, and reliable analytical technique for identifying olive oil bioactive components.