The present study was carried out to obtain an olive leaf extract rich in bioactive compounds. Antioxidant and anticancer activities of the extract were evaluated. Polyphenols and flavonoids were extracted from olive leaves by water and methanol 80%, at two extraction ratios for up to 120 min. Methanol was more efficient than water in extracting polyphenols. Polyphenols and flavonoids were analyzed by High Performance Liquid Chromatography. The antioxidant activity was evaluated using the diphenyl picryl hydrazyl method and the reducing power assay. The extract exhibited antioxidant potential superior to that of BHT. The anticancer effect of the methanolic extract of olive leaves in breast, colon, hepatocellular and cervical carcinoma cells was studied. The extract possessed high activity against hepatocellular carcinoma cells. These results pave the way for utilization of olive leaf as a source of natural antioxidants and anticancer agents.