The total content of phenolic compounds (TAP) in 29 different monocultivar olive oil samples from France (Aglandau and Tanche) and Spain (Cornicabra, Picual, and Verdial) was assessed by the colorimetric Folin-Ciocalteu method. Also, individual phenolic compounds were determined and quantified by liquid chromatography coupled to mass spectrometry (LC-MS). The French olive oil samples had a lower TAP compared to Spanish samples. The quantity of individual phenolics was similar except for pinoresinol, which was lower in the French olive oil samples. TAP moderately correlated to the sum of quantified compounds (r = 0.64 and p < 0.01) Partial least-squares (PLS) regression analysis emphasized the importance of hydroxytyrosol and the total amount of quantified phenolic compounds by LC-MS in the prediction of the total amount of phenolic compounds as determined by the Folin-Ciocalteu method. The amount of alpha-tocopherol was generally different among the cultivars (Tanche > Picual > Verdial > Aglandau > Cornicabra). Of all quantified phenolic compounds in French olive oil samples, only luteolin correlated well to the altitude of the olive orchards (r = 0.76, p < 0.01).