Start by draining the black and green olives. This step is crucial as excess moisture can make your dip watery. Once drained, give them a rough chop to make blending easier.
In your food processor, combine the chopped black olives, green olives, 2 tablespoons of olive oil, feta cheese, cream cheese, honey, dry thyme, dry oregano, and lemon zest.
Pour in the 1/4 cup of water. The water helps achieve a creamy consistency, so feel free to adjust the amount based on your preferred thickness.
Add salt and pepper to taste. Blend the mixture until smooth and creamy. You may need to stop and scrape down the sides with a spatula to ensure everything is well combined.
If the dip is too thick, add a little more water or olive oil to achieve your desired consistency. Blend again until smooth.
Transfer the Olive Feta Dip to a serving bowl and cover it with plastic wrap. Refrigerate for at least an hour to let the flavors meld together. It can also be made a day ahead, which makes it perfect for entertaining!