5 health benefits of olives and olive oil: 1. They protect against colon, breast and skin cancer | 2. Olive oil is good for your heart | 3. They work to reduce pain | 4. Olives and olive oil protect against ulcers | 5. Eating olives will help to boost your iron intake | In order to properly reap these health benefits, you need to make sure the olive oil you’re buying is real.