Abstract The main objective of this study was to evaluate the effect of different deficit irrigation treatments (control, regulated deficit irrigation [RDI]‐1, RDI‐2, and RDI‐3) on the phenolic profile of the olive paste and oil content. Irrigation treatments with more stress water led to a considerable increase in the phenolic compounds of olive paste, especially in oleuropein (60.24%), hydroxytyrosol (82%), tyrosol (195%), and verbascoside (223%) compared to control. A significant increase in the content of total flavonoids and phenolic acids was also observed for these samples. In virgin olive oils (VOO) elaborated from the most stressed olive trees (RDI‐2 and RDI‐3), a noticeable increase in phenolic substances with antioxidant properties (oleuropein, hydroxytyrosol, tyrosol, secoiridoid derivatives, and o ‐vanillin) was observed. Consequently, water stress conditions improved antioxidant activity of VOO.