Olaf was educated at the Norwegian military academy and at the University of Oxford in England. As crown prince he was a celebrated athlete and sportsman, excelling at ski jumping and yachting. He won a gold medal in yachting at the 1928 Olympic Games in Amsterdam. In 1929 Olaf married Princess Martha of Sweden, who died in 1954. They had three children.

After having resisted the German invaders for two months during World War II, Olaf left for England with the king and the government in June 1940. He was named head of the Norwegian armed forces in 1944. He returned a few weeks before the king in 1945, serving briefly as regent. He again became regent in 1955 when his father suffered an accident, serving in that capacity until Haakon's death in 1957. Like other constitutional monarchs, Olaf's duties were largely ceremonial. He was succeeded in 1991 by his son, Harald V.