Olive leaves are a very abundant vegetable material containing various phenolic compounds, such as secoiridoids and flavonoids, that are expected to exert strong antioxidant capacity. However, little is known about the variation of olive-leaf phenolic composition during maturation and its influence on antioxidant capacity. To answer this question, young and mature Olea Europaea L. leaves were submitted to successive extraction with dichloromethane, ethyl acetate, and methanol, then characterized by ESI-MS. It appeared that mature olive-leaf extracts contained higher levels of verbascoside isomers and glucosylated forms of luteolin, while young ones presented higher contents of oleuropein, ligstroside, and flavonoid aglycones. Moreover, antioxidant capacity evaluation using our newly developed conjugated autoxidizable triene assay showed that, in a lipid-based emulsified system, this phenolic composition variation leads to a change in the ability of extracts to counteract lipid oxidation. Mature olive-leaf extracts exhibit higher antioxidant capacity than young olive-leaf extracts. This result enables us to hypothesize that two main bioconversion scenarios may occur during maturation of olive leaves, which could explain changes observed in antioxidant capacity: (1) a bioconversion of oleuropein and ligstroside into verbascoside isomers and oleuroside, and (2) a bioconversion of flavonoid aglycones into glucosylated forms of luteolin. Finally, this study leads to a better understanding of the relationship between phenolic profile and antioxidant capacity of olive leaves.