Benefits of olive oil for the heart, skin and hair: Cholesterol and Heart HealthDespite the drama surrounding the use of fats and oils, these things are an essential part of a balanced eating plan. The key is to choose your fats wisely. Olive oil is one of the healthiest types of fat around. The monounsaturated fat in olive oil has been shown to control LDL (bad) cholesterol and raise HDL (good) cholesterol. This can potentially lower your risk of heart disease.