The meaning of Olive in the Bible
(From Easton's Bible Dictionary)

the fruit of the olive-tree. This tree yielded oil which was highly valued. The best oil was from olives that were plucked before being fully ripe, and then beaten or squeezed (Deuteronomy 24:20; Isaiah 17:6; 24:13). It was called "beaten," or "fresh oil" (Exodus 27:20). There were also oil-presses, in which the oil was trodden out by the feet (Micah 6:15). (James 3:12) calls the fruit "olive berries." The phrase "vineyards and olives" (Judg. 15:5, A.V.) should be simply "olive-yard," or "olive-garden," as in the Revised Version. (See OIL .)

See more on the meaning of Olive in the Bible:
Olive {International Standard Bible Encyclopedia}

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