We present an easy and rapid method for the analysis of phenolic compounds in extra‐virgin olive oil by CZE coupled with ESI‐TOF‐MS. Optimum electrophoretic separation was obtained using a basic carbonate electrolyte. We thus achieved the determination of several important families (phenyl alcohols, phenyl acids, lignans, flavonoids, and secoiridoids) of the polar fraction of the olive oil. Furthermore, other “unknown” compounds were also identified. In addition to the CZE method, HPLC analyses were made, separating compounds belonging to the main families present in this polyphenolic fraction, as well as other new compounds. We compared the results obtained with both techniques and found it was possible to determine more than 45 compounds with both methods. The sensitivity, together with mass accuracy and true isotopic pattern of the TOF‐MS, allowed the identification of a broad series of known and so far not described phenolic compounds present in extra‐virgin olive oil.