Extra virgin olive oil, the cold-pressed result of the first pressing of the olives, is only 1 percent acid. It's considered the finest and fruitiest of the olive oils and is therefore also the most expensive. Extra virgin olive oil can range from a crystalline champagne color   to greenish-golden to bright green. In general, the deeper the color, the more intense the olive flavor.

After extra virgin, olive oils are classified in order of          ascending acidity.
Virgin olive oil is also a first-press oil, with a slightly higher level of acidity of between 1 and 3 percent.
Fino olive oil is a blend of extra virgin and virgin oils (fino is Italian for "fine").

Products labeled simply olive oil (once called pure olive oil) contain a combination of refined olive oil and virgin or extra virgin oil.

The new light olive oil contains the same amount of beneficial monounsaturated fat as regular olive oil...and it also has exactly the same number of calories. What the term "light" refers to is that -- because of an extremely fine filtration process--this olive oil is lighter in both color and fragrance, and has little of the classic olive-oil flavor