He has managed Einherji, Skallagrímur, FH, Þróttur, Haukar, Selfoss, ÍR and Valur.
[2] Ólafur Jóhannesson managed FH a total of three times, the most recent and successful between the years 2002 and 2008.
In his first season as manager, Ólafur steered his team to second place, FH highest finish in years.
Ólafur won two more championships in the years 2005 and 2006 and winning the first VISA-cup in the history of FH in 2007.
[3] Ólafur signed a two-year contract on 29 October 2007, after leaving his post as manager of Icelandic side FH.