Olaf was hailed as king in Scania, including the towns controlled by the Hanseatic league since the Treaty of Stralsund in 1370.

Queen Margaret signed a coronation charter on behalf of Olaf, who was too young to rule until he came of age at fifteen.

In the charter Olaf agreed to meet with the Danehof at least once a year and return properties his grandfather Valdemar IV had confiscated during his reign.

Following her son's death, Margaret united all three Scandinavian kingdoms in a personal union.

In 2015 Jørgen Lange Thomsen, a forensic scientist, proposed a theory Olaf II died from Brugada syndrome.