Truffle oil is a modern culinary ingredient, used to impart the flavor and aroma of truffles to a dish. Most truffle oils are not made from actual truffles, but are a synthetic product  Truffle oil is top-quality olive oil that has been infused with either white or black truffles. Both types of truffles have an earthy, mushroom like flavor. Truffle oil was originally created when truffles are soaked in olive oil.