Ólöf graduated from Reykjavík Upper Secondary School in 1986.

[3] Ólöf worked as a teacher, lawyer, and in the administration prior to entering politics.

Between 2002 and 2004, she served as head of wholesale business at Landsvirkjun and director of sales at RARIK – Iceland State Electricity.

During her tenure at RARIK, electricity sales were transferred to a separate company, Orkusalan, where Ólöf served as managing director until 2006.

Ólöf appeared in the leaked Panama Papers in connection with offshore holdings.