Benefits from olive oil

Olive oil is considered more healthy oil as compared to other oils because it has medium chain fatty acids and various other components which are very good for the heart.
It has components which help in reducing the bad cholesterol from the body and thus helps in reducing cholesterol problems.
Olive oil is also very low in saturated fat and so helps in weight loss to some extent but you have to reduce your oil consumption as having lot of olive oil will not lead you to weight loss. Even if it is olive oil you have to reduce the consumption.

@Neha
Olive oil is a monounsaturated fat that contains polyphenols and antioxidants along with other vitamins. Research indicates that replacing other types of fats with monounsaturated fats, especially olive oil, helps people lose weight without additional food restriction or physical activity. A number of studies showed that when people substituted MUFA-rich olive oil for saturated fat, they ate less food and either maintained their weight or lost weight. Several other studies indicate that monounsaturated fat enhances the body's breakdown of stored fat.