Ólafur Ólafsson is an Icelandic basketball player for Úrvalsdeild karla club Grindavík, and a member of the Icelandic national team. Known for his high energy, explosiveness and strength, he won back-to-back national championships with Grindavík in 2012 and 2013 and the Icelandic Cup in 2014.

The Iceland men's national basketball team represents Iceland in international basketball tournaments. The team is controlled by the Icelandic Basketball Association.