Partial least squares (PLS) is a commonly used (and sometimes misused) chemometric technique for calibrating Fourier transform infrared spectroscopy, and allows the analysis of a variety of quality parameters associated with edible oils. Peroxide value (PV) is a typical parameter of interest; however, developing a robust, optimal, and reliable calibration method can be a daunting task. This paper examines and compares the use of interval PLS as a tool to develop a PLS PV calibration method for a single‐bounce attenuated total reflectance accessory relative to full spectrum PLS and experienced PLS, making use of correlation, variance, and pure component spectra. Using mixtures of fresh and oxidized oil covering a PV range of 1–20 meq/kg, backward interval PLS could systematically produce quality calibrations without the need to resort to experienced PLS. The experienced PLS requires a degree of spectral knowledge as well as diligent and tedious spectral examination, including largely unstructured iterative calibrations and cross‐validations to improve calibration performance. The backward interval PLS is also better than the full spectrum PLS in terms of model performance. In addition, the general model developed could account for the errors caused by oil types.