A recent article based on review of 37 scientific studies reports that the phenols in extra virgin olive oil may prevent loss of bone mass.
Another study that evaluated three groups of elderly men over a two-year period. Only the group with extra intake of olive oil had increased levels of serum osteocalcin and procollagen I N-terminal propeptide procollagen, both of which are associated with a protective effect on bone health.
The article references other studies that link phenols to a reduced risk of osteoporosis including oleuropein, a key phenolic component of olive oil, that may prevent bone loss, and luteolin, which may prevent bone loss in postmenopausal osteoporosis by reducing the action and function of osteoclasts, which are cells that break down bone tissue.