Various protein-rich foods are traditionally immersed in virgin olive oil (VOO), a medium rich in phenols, which are health-promoting and sensorially important compounds. Immersing tofu in VOO may modify the sensory properties and nutritional value of both due to the oil's hydrophilic phenol interactions with proteins and water. In this study, cubes of fresh tofu (T) (70% water) and freeze-dried tofu (FD-T) (5% water) were immersed in VOO for 7 days of cold storage. The changes in the phenolic compound content and standard quality parameters of the oil were noted after 1, 3, 5, and 7 days of contact with the tofu. The total phenols in the oil were determined using the Fast Blue BB assay, while single phenols were analyzed by HPLC-UV/VIS. During the 7 days, the total phenols in the oil decreased by up to 56% and 26% under the influence of fresh and freeze-dried tofu, respectively, including a significant decrease in hydroxytyrosol, oleacein, tyrosol, and oleocanthal. The water content and its release from fresh tofu significantly contributed to this decline. The degradation of the quality of the oil in contact with the fresh tofu was observed only in its sensory properties, with a marked reduction in the intensity of its fruitiness, bitterness and pungency.