International Agreement on Olive Oil and Table Olives is an international commodity agreement, driven by the United Nations and signed between major olive oil producers and consumers. From 1959 to 2015, after five revisions, the International Olive Council (IOC) was established in Madrid, the capital city of the largest exporter of olive oil, according to this agreement. The International Olive Council is managed by the Member Council, under which the executive Secretariat and sub committees are set up to be responsible for the regulation of industry standards, international olive oil trade information collection, olive industry promotion, etc.. The grade classification based on the quality index of virgin olive oil in IOC olive oil trade standard has been universally recognized around the world. This paper analyzes the classification standards, physical and chemical indexes and sensory analysis of olive oil, meanwhile, the approved olive oil laboratories by IOC are introduced. Understanding the international trade agreements in olive oil industry is a must enter the international trade market.