In this study, the effect of refining process on the content of phytochemicals, antioxidant capacity and oxidative stability of hazelnut oil was investigated. The oil samples were taken at the consecutive steps of hazelnut refining process and analyzed for some compositional properties along with the antioxidant capacity and oxidative stability. The results have shown that, carotenoid content of the hazelnut oil was decreased during the refining process. The main carotenoids of hazelnut oil were found to be lutein and zeaxanthin and these compounds were lost completely during bleaching step of the refining. On the other hand, phenolic compounds and tocopherols were also partly removed from hazelnut oil to a degree. Loses in antioxidant compounds caused a clear decrease in antioxidant capacity measured in either the oils or polar extract of oils. Oxidative stability of the oil samples was measured by Rancimat method and it was found that neutralization caused an increase in oxidative stability compared to the crude oil. However, deodorization step caused a slight decrease in oxidative stability probably as a result of partial removal of tocopherols at this stage.