From the beginning of olive leaf yellowing to leaf fall (1/3 months), there was a general trend from anabolism to catabolism. Rates of net photosynthesis (PN) and respiration, areal dry mass, and contents of pigments, particularly of chlorophyll (Chl) a, starch, and above all nitrogen (N) decreased. The detachment force decreased dramatically only in completely chlorotic leaves. Chl a : b ratio only declined in the last 10-20 d of senescence, when the total Chl contents diminished by about 70 %, after which the N content, PN, and efficiency of the photochemical energy conversion of the remaining Chl and N dramatically declined. Consequently, for most of the natural course of senescence PN remained relatively high. The reduction in PN was associated with the decreases in transpiration rate (E) and stomatal conductance (gs), but these probably did not cause the decline of PN. The recycling of saccharide compounds was low, while 50 % of the total N on a leaf area basis was relocated back before leaf abscission, changing the leaf from a carbon source to a mineral source. Therefore, considering that senescing leaves in olive trees contribute to carbon gain and allow the recycling of resources, it is essential to prevent the premature leaf abscission by avoiding deficits of water and mineral nutrients and by using pruning and training systems that allow good irradiation of all leaves in the crown.