Olive oil is good for aprox 2 years ,after that time, the oil will have passed its prime and should be used as quickly as possible.
If you keep it in a plastic container oil can leach noxious substances, such as PVCs, out of the plastic and into the oil. Containers need to have a cap or lid for tight resealing to keep out unwanted air. You should use tinted glass (to keep out light) or a non-reactive metal such as stainless steel.