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 80 U of tannase, 240 U of cellulase and 178 U of pectinase, pH 4, ratio of solution to pulp of 2:1 and 30 min 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.