Olive oil, a traditional food product with thousands of years of history, is continually evolving toward a more competitive global market. Being one of the most studied foods across different disciplines, olive oil still needs intensive research activity to face some vulnerabilities and challenges. This perspective describes some of them and shows a vision of research on olive oil for the near future, bringing together those aspects that are more relevant for better understanding and protection of this edible oil. To accomplish the most urgent challenges, some possible strategies are outlined, taking advantage of the latest analytical advances, considering six areas: (i) olive growing; (ii) processing, byproduct, and environmental issues; (iii) virgin olive oil sensory quality; (iv) purity, authentication, and traceability; (v) health and nutrition; (vi) consumers. The coming research, besides achieving those challenges, would increase the understanding of some aspects that are still the subject of debate and controversy among scientists focused on olive oil.