This work considered the influence of the duration of olive storage on the chemical and sensory properties of extra virgin olive oil. In total, 228 batches of olives collected during three successive crop seasons were sampled in seven industrial mills; information about olive batches (variety, harvest date) was collected, together with the produced oils. Four classes of storage times were considered: ≤24 h, 2–3 days, 4–6 days, ≥7 days. The oils’ quality parameters free acidity, peroxide number and K232 increased significantly as storage duration increased, while phenolic content decreased significantly, with a resulting effect on oil stability. The fatty acid composition was not affected by the olive storage period, while α-tocopherol, lutein and β-carotene content decreased as storage duration lengthened. Finally, the main positive sensory attributes (olive fruity, green notes, bitter and pungency) underwent a statistically significant reduction with the increase in storage duration, while the intensity of defects increased, suggesting that the duration of olive storage has an important effect on the quality of the final oil.