Ólafsvik village is on the Snæfellsnes peninsula, close to the glacier Snæfellsjökull.

Ólafsvík has always been a fishing town, cause of its location and rich fishing grounds nearby. From the 1950’ Ólafsvík has been the most productive fishing town in the Snæfellsnes peninsula.

The village is situated at the entrance of Breiðarfjörður and in the 17th century the town of Ólafsvík was the first town in Iceland to receive a license from the Danish king to do commerce.

Hellissandur, Ólafsvík, Rif, Arnarstapi and Hellnar have merged and now form Snæfellsbær.