Chilling injury (CI) and browning occurrence are pivotal issues during the cold storage of postharvest Chinese olive fruit. This study evaluates the effects of non-chilling temperature (8 °C) and chilling temperature (2 °C) on CI development, browning occurrence, and respiratory metabolism in postharvest Chinese olives. Compared to storage at 8 °C, storage at 2 °C significantly induced CI, accompanied by higher indices of CI and browning, as well as a higher fruit respiratory rate. Storage at 2 °C increased the activities of phosphohexose isomerase (PGI), succinate dehydrogenase (SDH), ascorbic acid oxidase (AAO), and cytochrome C oxidase (CCO) by 55.1%, 11.1%, 26.4%, and 98.8%, respectively, on day 120. On the other hand, storage at 2 °C reduced the activities of NAD kinase (NADK), 6-phosphogluconate dehydrogenase (6-PGDH) + glucose-6-phosphate dehydrogenase (G-6-PDH) by 95.6% and 6.6%, respectively, on day 120. The contents of nicotinamide adenine dinucleotide (NAD) and its reduced form of NAD (NADH) increased by 10.0% and 22.8%, respectively, in fruit stored at 2 °C on day 120. Conversely, the contents of nicotinamide adenine dinucleotide phosphate (NADP) and its reduced form (NADPH) decreased by 58.3% and 64.4%, respectively, in fruit stored 2 °C on day 120. These findings indicate that CI development and browning occurrence in Chinese olives induced by storage at 2 °C were associated with a higher respiratory rate, increased activities of PGI, SDH, AAO, and CCO, higher contents of NAD(H), reduced activities of 6-PGDH + G-6-PDH, and lower contents of NADP(H).