Smoke Point
The temperature at which a cooking oil begins to break down and visibly smoke.
Smoke point refers to the temperature at which an oil starts to break down, release visible smoke, and produce compounds that can affect flavor and, at sustained high heat, some potentially harmful byproducts. Extra virgin olive oil has a smoke point of roughly 375-405°F (190-207°C), which is high enough for the vast majority of home cooking methods, including sautéing and roasting.
In Practice
For most home cooking ... sautéing vegetables, roasting, baking ... extra virgin olive oil's smoke point is more than sufficient. Very high-heat searing or deep frying is where a higher smoke point oil (like avocado oil or refined oils) may be preferable.
Worth Knowing
Smoke point is often overstated as a health concern for everyday cooking. Oxidative stability (how well an oil resists breaking down with heat and time) matters at least as much, and EVOO's antioxidants actually make it more oxidatively stable than its smoke point number alone suggests.