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This study investigated the total phenol content, phenolic composition, and antioxidant activities of cosmetic and alimentary argan oil extracted from fruits collected from two different regions of Algeria (Mostaganem and Tindouf). The phenolic composition of the argan oil was analyzed by HPLC and quantified using the colorimetric method. Antioxidant properties were studied using the DPPH and the β-carotene/linoleic acid system. In total, 6 phenolic compounds were identified: hydroxytyrosol, vanillic acid, tyrosol, ferulic acid, vanillin, and syringic acid. The alimentary oil from Mostaganem showed the highest concentration of phenolic compounds. Each of the oils showed high antioxidant activities in the two systems studied. Alimentary oils showed the highest antioxidant activity. The oils from Mostaganem had the highest levels of phenolic content and antioxidant activities compared to those from the Tindouf region. The present study confirmed that argan oil possesses significant antioxidant potential.