The expansion of olive orchards into regions with no tradition of olive production and humid climates, such as Uruguay, with more than 1200 mm of annual rainfall, calls into question the need for irrigation. In these regions, however, years with water deficit during summers are quite common. The vapor pressure deficit during summer is lower than in countries with a Mediterranean climate. The high variability in interannual water availability in the current context of climate change, with a growing tendency for extreme events to occur, emphasizes the need to evaluate the production response of olive trees to irrigation. To achieve this, three irrigation treatments were applied to Arbequina and Frantoio cultivars according to the value of the maximum crop evapotranspiration: a first treatment applying 100% ETc, corresponding to being fully irrigated; a second treatment applying 50% ETc; and a third treatment in which neither irrigation nor rain inputs occurred from the end of the pit hardening period until harvest. Results show the possibility of an increasing fruit weight and pulp/pit ratio through irrigation in the local environmental conditions. The oil content in response to irrigation was different within cultivars. Water restriction conditions did not affect the oil content of olives in Arbequina, while in Frantoio it increased it. Polyphenols in fruit increased under water stress for both cultivars. The technological applicability of the results obtained must be accompanied by an economic analysis. The results obtained highlight the need for better use of irrigation water during the growth and ripening phase of the olive fruit under a humid climate.