Does olive oil go bad?

Eventually it will go bad as naturally the acidity of the oil rises over time finally turning the olive oil rancid. Whether this happens sooner or later depends on two factors, the quality of the oil when it was extracted and bottled and storing conditions. The highest quality olive oils of the extra virgin category have very low acidity levels of maximum 0.8% and therefore have the longest shelf life. UV light, oxygen and temperature changes are all accelerators to the oxidation process so storing your EVOO away from these elements keeps olive oil fresh as long as possible.