Aroma compounds in packaged extra virgin olive oil can be present naturally or be derived through oxidative degradation under favorable conditions of temperature, light, and oxygen availability. In this study, the identity and quantity of flavor compounds were determined for extra virgin olive oil packaged in 0.5-L glass, poly(ethylene terephthalate), and poly(vinyl chloride) bottles and stored at 15, 30, and 40°C under fluorescent light or in the dark for 1 yr. A set of mathematical equations concerning the rates of the most fundamental oxidation reactions in the oil was prepared and numerically solved, and the reaction constants were estimated for specific temperature values. Mainly, the presence of fluorescent light, followed by elevated temperature, stimulated oxidative alterations in the olive oil. Separated and identified flavor compounds were recorded for all the olive oil samples. Based on their abundance and evolution in the oil samples, those most clearly describing oxidation were hexanal, nonanal, (E)-2-decenal, (E)-2-heptenal, and 2-pentyl furan. These compounds could be used as markers of the oxidation process to monitor and describe the quality of packaged olive oil quantitatively.