It Soothes Chapped Lips
Your lips are thin-skinned, and that thin skin leaves them prone to drying out or becoming chapped when they're exposed to cold weather, dry climates, sun, wind and even something you might not notice you're doing: breathing through your mouth. When you're caught without your favorite lip balm there's a quick and easy solution at hand -- apply a light coating of oil to your lips a few times a day to heal the damage and give you smooth, soft lips (especially helpful overnight). Olive oil can also be used as a gentle exfoliator by mixing it with a pinch of sugar and rubbing the paste on your pucker.
A word of warning to those prone to breakouts: Olive oil is a good moisturizer but because it's an oil, it may cause breakouts or some irritation around your mouth.