This work uses resonant Raman spectroscopy (RRS) to investigate changes in carotenoid concentration in extra virgin olive oil (EVOO) as it oxidizes under accelerated thermal aging. Carotenoids are nutritious antioxidants and biomarkers that represent the general quality of olive oil. HPLC is the conventional method used to determine the concentration of carotenoids, but it is expensive, time-consuming, and requires sample handling. A simple optical technique for estimating carotenoid concentration in extra virgin olive oil is, therefore, desirable. This work shows that the normally weak carotenoid signal is strongly amplified when using the resonant Raman technique. The aging and oxidation of EVOO decreases the Raman intensities associated with carotenoids and increases the fluorescence and Raman intensities associated with fatty acids. From these quantities, two Raman intensity ratios are presented as indicators of the effects of aging.