Ølsted is a small town located south of Frederiksværk, between Lake Arre to the northeast and Roskilde Fjord to the west, in Halsnæs Municipality, some 50 km northwest of Copenhagen, Denmark.

It consists of meadows, a small peat bog and mixed deciduous forest.

The village is located at the border of the wetlands just south of Arresø lake, where there has probably been a lot of traffic historically.

The town has a good multi-purpose hall, where skaters, BMX-riders and inliners from all over the region come to join and practice.

Every year, the locals hold a competition called "Olliestedet Open", which is a popular skateboard-event.

Ølsted railway station is served by the Lokaltog train route between Hillerød and Hundested.