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Olea europaea can be found in many Mediterranean countries, including Algeria. This plant is rich in phenolic compounds known for their highly beneficial biological properties. The aim of this study was to evaluate the in vitro antioxidant capacity of Olea europaea L. leaf extracts and its protective effect against lipid peroxidation. The antioxidant activity of two olive leaf varieties (Chemlal and Sigoise) was evaluated using three different antioxidant assays (1,1-diphenyl-2-picrylhydrazyl [DPPH], ferric reducing antioxidant power [FRAP], and hydrogen peroxide scavenging assay). The protective effect of the olive leaf extracts against lipid peroxidation in an in vitro model of rat liver homogenates was evaluated through the production of TBARS (thiobarbituric acid reactive substances). The result of the antioxidant activity showed a very significant anti-free radical activity and reducing power—properties linked to the antioxidant content of the phenolic extracts. The extract from Sigoise obtained using the sonication method exhibited the most interesting antioxidant activity. All the tested extracts demonstrated a high protective potential against lipid peroxidation. These findings may potentially contribute to the validation of the medicinal use of Olea europaea as a natural agent in the food and pharmaceutical industries.