It was named after American astronomer William Tyler Olcott.

[1] It lies to the south-southeast of the craters Seyfert and Polzunov, and to the north of Kostinskiy.

This crater lacks any significant appearance of erosion from subsequent impacts, and its features are relatively well-defined.

It has an outer rampart and some terraces and slumped edges along the inner wall.

[3] By convention these features are identified on lunar maps by placing the letter on the side of the crater midpoint that is closest to Olcott.