The gasification of olive cake is a promising method for converting this material into valuable energy. This work offers interesting results about the effect of equivalence ratio and temperature on the composition and quality of the produced gas obtained during olive cake gasification in a fluidized bed plant with air as a gasification agent. Additionally, the efficiency of the gasification process was evaluated. The results show that, for a specific temperature, an equivalence ratio of 0.3 showed a higher cold gas efficiency. For example, at 850 °C and an equivalence ratio of 0.1, the cold gas efficiency was 22.7%; however, at the same temperature but at an equivalence ratio of 0.3, the cold gas efficiency was increased to 61.2%. In addition, for a constant equivalence ratio, by increasing the operating temperature, there was no significant increase in the lower heating value of the exit gas, and the gas flow was practically constant with temperature, but it varied substantially with the equivalence ratio, reaching values in the range of 3.44–14.89 NL/min (825.6–3573.6 NL/kg feed). Finally, the production of CO, H2, and CH4 is estimated to be higher for tests conducted with an equivalence ratio of 0.3.