The purpose of this study was to investigate the production of flavor compounds from olive mill waste by microbial fermentation of Rhizopus oryzae and Candida tropicalis. Olive mill waste fermentations were performed in shake and bioreactor cultures. Production of flavor compounds from olive mill waste was followed by Gas Chromatography Mass spectrometry, Gas chromatography- olfactometry and Spectrum Sensory Analysis. As a result, 1.73-log and 3.23-log cfu/mL increases were observed in the microbial populations of R. oryzae and C. tropicalis during shake cultures, respectively. C. tropicalis can produce a higher concentration of n-limonene from olive mill waste than R. oryzae in shake cultures. The concentration of n-limonene was determined as 185.56 and 249.54 mu g/kg in the fermented olive mill waste by R. oryzae and C. tropicalis in shake cultures respectively. In contrast, R. oryzae can produce a higher concentration of n-limonene (87.73 mu g/kg) n-limonene than C. tropicalis (11.95 mu g/kg) in bioreactor cultures. Based on sensory analysis, unripe olive, wet towel, sweet aromatic, fermented aromas were determined at high intensity in olive mill waste fermented with R. oryzae meanwhile olive mill waste fermented with C. tropicalis had only a high intensity of unripe olive and oily aroma. (C) 2016 Sociedade Brasileira de Microbiologia. Published by Elsevier Editora Ltda.