He primarily played as a centre-back for Universidad Católica throughout the 1960s as he was a key player for the club throughout the decade, participating in the 1962 and the 1966 Copa Libertadores and being part of the winning teams for the 1961 and 1966 Primera División de Chile.

At the time, Universidad Católica did not have a strong season with the club needing a victory over Colo-Colo to prevent relegation.

Despite the club initially losing 0–2, they would later recover to a 2–2 draw with Olivares himself playing in the match.

In the same season, he would play in a friendly against River Plate where the club would lose 1–0 and would meet László Kubala as a special guest.

[12] His appearances within the club would begin to decline drastically as he would only play in two matches by the 1966 season.