The aim of the study was to find correlation between olive oil color and pigments present in olive oil. The material of the experiment consisted out of different olive oil types (n = 22), including olive oil mixtures (refined olive oil + extra virgin olive oil) and extra virgin olive oils (multivarietal and monovarietal). RGB parameters were determined by the digital camera and LAB bya spectrophotometer. Following pigments were estimated in the samples of olive oil: chlorophylls, carotenoids, phenols and β-carotene. The highest correlation between RGB parameters and pigments was observed with total carotenoid contents (-95.5%, p < 0.05). Total carotenoid contents correlated highly with LAB parameters too, especially with “b” value (yellowness) (94%, p < 0.05). The study unequivocally showed high correlation between pigments in olive oil and olive oil color, which is giving the possibility for the estimation of pigments’ content with less time consuming method that does not include the usage of chemicals.