This work aimed at studying the effect of variety and stage of maturity on the characteristics of extracted virgin olive oil. The main four olive varieties grown in the New Valley, Egypt are Chemlali, Kronaki, Frantoio and Mission. Their oil was evaluated for physical and chemical characteristics, fatty acid, unsaponifiable matters, phenolic compounds and sensory properties as well as its oxidative stability during two maturity (unripe and ripe) stages. Oil content of the studied olive fruits was significantly increased during ripening to reach from 45.27 to 50.89% (on dry basis) at the ripened stage. The virgin olive oils had physical and chemical characteristics comparable to the standards of the International Olive Oil Council ]1[. The maturation stage does not affect the physical and chemical properties of oil significantly. In these oils, palmitic acid was the major saturated fatty acid, while oleic acid was the major unsaturated one. However, the level of linoleic acid increased during ripening. Also, the level of unsaponifiable matters was significantly different between the two maturity stages. These matters included 11 hydrocarbons and 3 sterols, besides 10 unknown fractions. Squalene was the major hydrocarbon and β-sitosterol was the major sterol at unripe and ripe stages. Total polyphenol content increased significantly with ripening and was highest in Kronaki (315 ppm at unripe and 335 ppm at ripened stage) followed by Frantoio, Mission and Chemlali. p-Coumaric acid was the major polyphenol among 12 fractions identified. Virgin olive oils were organoleptically evaluated for fruity, bitter and pungent attributes. The undesirable sensory attributes were not detected in all tested oils. The oxidative stability of the oil improved with ripening in the following order Kronaki > Frantoio > Mission > Chemlali. This may be due to the high oleic/linoleic acid (O/L) ratio, as presence of the antioxidant unsaponifiable matters and phenolic compounds which are removed during subsequent oils refining.