A process for preparing an orange oil comprising the steps of mixing a raw material oil containing valencene with a high-boiling solvent having a boiling point exceeding 240.degree. C. under normal pressure, to give a mixture, and fractionally distilling the mixture obtained, optionally comprising the step of subjecting to an alkali treatment the raw material oil before fractional distillation or a distillate fraction obtained after fractional distillation; and an orange oil obtained by the process as defined above.