Olive fruits and virgin olive oils from a super-high-density olive orchard cv. Arbequina under different irrigation treatments (Control, RDI1, RDI2) were characterized by their pigment profile, CIElab colorimetric coordinates, oxidative stability and antioxidant capacity during the olive seasons 2011 and 2012. The control treatment were irrigated according to the total evapotranspiration of the olive grove (100% ETc), while RDI1 and RDI2 consisted of moderate and severe deficit irrigation, respectively. Olive fruits from severe water deficit irrigation treatment (RDI2) showed a significantly greater concentration of pigments compared to the others. In addition, the ratios a*/chlorophylls and chlorophylls/carotenoids indicated a delayed maturation in these olives. Irrigation treatments significantly affected the yellow component (b*) of the virgin olive oils contained. A reduction of 75% in the water applied (RDI2) produced a strong increase in lutein-zeaxanthin content (38%) and chlorophyll a (50%), oxidative stability, that ranged from 8.37 h (Control) to 13.23 h (RDI2) and antioxidant activity compared to Control. However, the oil production from RDI2 decreased approximately a 49%.