The valence threshold photoionization of oleic acid has been studied using synchrotron VUV radiation and imaging photoelectron photoion coincidence (iPEPICO) spectroscopy. An oleic acid aerosol beam was impacted on a copper thermodesorber, heated to 130 °C, to evaporate the particles quantitatively. Upon threshold photoionization, oleic acid produces the intact parent ion first, followed by dehydration at higher energies. Starting at ca. 10 eV, a large number of fragment ions slowly rise suggesting several fragmentation coordinates with quasi-degenerate activation energies. However, water loss is the dominant low-energy dissociation channel, and it is shown to be closely related to the unsaturated carbon chain. In the lowest-barrier process, one of the four allylic hydrogen atoms is transferred to the carboxyl group to form the leaving water molecule and a cyclic ketone fragment ion. A statistical model to analyze the breakdown diagram and measured rate constants yields a 0 K appearance energy of 9.77 eV, which can be compared with the density functional theory result of 9.19 eV. Alternative H-transfer steps yielding a terminal C=O group are ruled out based on energetics and kinetics arguments. Some of the previous photoionization mass spectrometric studies also reported 2 amu and 26 amu loss fragment ions, corresponding to hydrogen and acetylene loss. We could not identify such peaks in the mass spectrum of oleic acid.