Oil palm (Elaeis guineensis) fruit was treated with enzymes to facilitate simultaneous recovery of oil and bioactive compounds. Tannase from Paecilomyces variotii, cellulase and pectinase were evaluated for their influence on oil recovery and antioxidant capacity (DPPH), oxidative stability (Rancimat), fatty acid profile, total phenols, total carotenoids and tocols of the oil. Maximum oil recovery (90-93% total oil) was obtained with central composite design using 4% of enzyme preparation (w/w) as 80U of tannase, 240U of cellulase and 178U of pectinase, pH 4, ratio of solution to pulp of 2:1 and 30min of incubation at 50°C. Tannase improved the phenolic compounds extraction by 51% and pectinase plus cellulase improved carotene extraction by 153%. Samples treated with tannase showed a 27% and 53% higher antioxidant capacity for the lipophilic and hydrophilic fractions.