The activity of natural additives against the deterioration of virgin olive oil (VOO) in relation to storage time and conditions was examined. Thus, carotenoids and phenols previously extracted from carrot and olive mill wastewater, respectively, were added at 200 and 400 ppm to VOO and stored in clear and amber glass bottles at room temperatures during 120 days. The results showed that enriched VOO was largely influenced by the storage time, which resulted in a significant accumulation of hydrolysis and oxidation products. Storage conditions also affected considerably the enriched VOO. Dark glass bottles offered better protection against oxidative deterioration. The impact of both extracts on the oxidation status of examined VOO was significant and concentration-dependent. The natural additives markedly delayed the formation of hydroperoxides and conjugated dienes and trienes. Results from principal component analysis (PCA) showed that most of the variation was captured by the PC1 (89% of the total variance) which grouped samples in four categories according to storage times, each being divided into two clusters linked to storage conditions. Findings from this study revealed that natural additives could minimize VOO deterioration caused by storage time and conditions (light).