Ólafur Friðrik Magnússon (born 3 August 1952) is a former mayor of Reykjavík, Iceland.
He was originally expected to step down in March 2009, when a representative from the Independence Party was to assume the office of the mayor, as agreed upon in the coalition agreement between Ólafur and the Independence Party.
According to that same agreement Ólafur would at the same time become the chairman of the executive committee of the City Council of Reykjavík.
On 21 August, Hanna Birna Kristjánsdóttir succeeded Ólafur as mayor.
Ólafur made it into the news on 19 January 2010 when he was reprimanded at a meeting of the City Council for circulating a rude poem about Hanna.