Research background. Virgin olive oil, known as a good source of health-promoting hydrophilic phenols, is traditionally used as a medium for preserving various foods. Phenols in general can form complexes with proteins, but there is little information on the direct contact of virgin olive oil with protein-rich food during long-term storage. In this study, the dynamics of the decline of total phenols in oil used as preservation medium for a traditional (whey cheese skuta) and a modern product (tofu) were compared. Experimental approach. Pieces of skuta or tofu immersed in virgin olive oil at different food-to-oil mass ratios were stored in the refrigerator for up to 21 days. The oil quality indices, water content and the total count of aerobic mesophilic bacteria in the immersed materials were monitored. To determine the total phenols in the oil, the optimal conditions of the Fast Blue BB test, which is a suitable alternative to the standard method, were tested and selected. Results and conclusions. The effect of both materials on the indicators of hydrolytic and oxidative deterioration of the oil is almost identical (a gradual decrease), which is most likely due to the continuous release of water from the immersed food. A sharp decrease in total phenols in the oil (by about 50 %) after seven days of storage in contact with both materials indicates a combination of causes (water-to-oil migration and phenol-protein interactions). The form of the rational function is highly representative of the decrease in total phenols during the first seven days of tofu/oil storage, indicating a very rapid interaction with tofu proteins. The preservative effect of virgin olive oil in terms of microbiological spoilage was not observed. Novelty and scientific contribution. The results of this study contribute to the knowledge on the dynamics of phenol-protein interactions and emphasise the need for further investigations on traditional or newly used protein-rich foods preserved in direct contact with virgin olive oil, taking into account possible changes in the functional, nutritional and sensory properties of phenols and proteins.