It is necessary to investigate the wavelength-dependent variation rules of the refractive index of edible oils so as to explore the specificity of the dispersion in light propagation, imaging, and interference processes among different types of edible oil products. In this study, by deriving the refractive index equations of the double glass sheet holding device and oil, the reflectance spectra of three different types of oil samples, namely, peanut oil, colza oil, and kitchen waste oil, were measured via a spectrometer. Furthermore, the refractive index model of these different types of oil samples was investigated. Additionally, based on the oil dispersion characteristics, the dispersion of oil in optical coherence tomography (OCT) was compensated via deconvolution. In the wavelength range of λ∈ (380, 1500) nm, the analytical expressions of the double glass sheet holding device and oils are featured by practical reliability. The refractive indexes of three different types of oils n ∈ (1.38, 1.52) show normal dispersion characteristics. The Cauchy coeffi cient matrix of the oil refractive index can be used for oil identification; in particular, the healthy oil and waste oil differ significantly in terms of the Cauchy coefficient matrix in the infrared band. Oil dispersion has almost no influence on the phase spectra of oils but can enhance their amplitude spectra. The dispersion mismatch can be eliminated by calculating the convolution kernel. The envelope broadening factors of OCT interference signals of oil products are 0.84, 0.64, and 0.91, respectively. According to the present research results, the refractive index model of oil can effectively remove the influence of the holding device. The refractive indexes of three different types of oil samples show similar wavelength-dependent variation characteristics, which confirms the existence of many correlated components in these oil samples. The established refractive index model of oil in a wide spectral range, from the ultraviolet to the infrared band, can be adequately employed for identifying different types of oils. The numerical dispersion compensation based on the established refractive index model can enhance the axial resolution in OCT imaging.