To enhance yield and produce high-quality olive products, it is crucial to implement accurate and balanced fertilization programs. Like other crops, olive trees require the application of specific macro and micronutrients in addition to basic fertilization. This study aimed to evaluate the effects of foliar fertilizer applications containing K as well as N, K, Ca, and B, in addition to basic fertilization, on the yield and quality parameters of the Gemlik olive (Olea europaea L. cv. Gemlik) variety, known for its high economic value and use in black table olives and oil production, during two consecutive seasons in 2021–2022. The research evaluated the effects on olive fruit yield, fruit nutrient content (N, Ca, P, Na, K, Mg, Zn, Fe, Cu, and Mn), oil yield, and quality. In addition to traditional basic fertilization (NPK fertilizer), foliar fertilizers containing K as well as N, K, Ca, and B nutrients were applied before flowering and after fruit set. These applications were organized using a randomized block design with three replicates, each consisting of three trees. The results showed that foliar fertilizer applications, in addition to basic fertilization, had a significant impact on the yield and quality parameters. Specifically, foliar K applications positively affected olive yield in the second year. Moreover, foliar fertilizer applications improved the fruit nutrient content, oil quality (K-232, K-270, peroxide, acidity, and total phenol), and oil composition (%). Therefore, it is recommended that foliar fertilizers are applied during similar periods under similar conditions. However, ensuring the continuity of an optimal fertilization management plan is crucial for olive, as it is a perennial plant.