The invention relates to the field of oil processing, and provides compound olive oil aiming at solving the problem that human health is prone to being affected due to addition of chemical additives such as an antioxidant. The compound olive oil is prepared from the following components in parts by mass: 40-50 parts of medium chain oil, 50-55 parts of olive oil, 10-13 parts of ginger ketol, 3-5 parts of lycopene and 1-3 parts of anthocyanin. A preparation method of the compound olive oil includes the following steps of S1, mixing; S2, liposuction; S3, protease adding; and S4, deodorization. Another preparation method of the compound olive oil includes the following steps of S1, mixing; S2, liposuction; S3, enzyme adding and deacidification; S4, peroxide removal and decoloration; S5, deodorization; and S6, refining and filtration. Through synergistic cooperation of the ginger ketol, the lycopene and the anthocyanin, the compound olive oil is prepared by adopting the method, and the antioxidant property of the compound olive oil is advantageously enhanced, so that unsaturated fatty acids in the compound olive oil are not prone to being oxidized to peroxides by oxygen in air.