Olive oil is commonly used to improve the taste of dishes. It is used for cooking or served raw - e.g. on salads, seafood and carpaccio. Many are also familiar with the "Mediterranean Diet" which is a real demonstration of the use of olive oil.
But it is also recommended for frying. Due to its low acidity, olive oil has its smoke point between 140° and 180°C and can be heated up to 230°C without burning. No other oil or fat can be used for frying that is resistant to such high temperatures!