The olive sector in Jaén in the South of Spain serves as an example of what happens when a centuries-old bio-based economy reaches its biophysical limits. The Andalusian Bioeconomy Strategy seeks to reform the sector by modernizing it, i.e. investing in technological innovation and increasing the efficiency of mechanization. This paper first considers recent data on the olive sector in Jaén before comparing its historical evolution with the demands of the 2018 Andalusian Bioeconomy Strategy. The comparison yields several results: first, the history of olive cultivation in the province is characterized by a strong peasantry that continuously grew on a large scale and consisted of thousands of small farmers; thus, it is not a typical story of land concentration and technological modernization. Second, there is potential for conflict between what the paper depicts as a historical, “old” bioeconomy and the bioeconomy envisioned by the Andalusian strategy.