Olga was born on 19 March 1859 in Venice, as a member of the House of Petrović-Njegoš, ruling family of the Principality of Montenegro since 1697.

[3] With the Russian and French pension, granted to her and her mother previously by Alexander II and Napoleon III, she lived her life in Venice surrounded by her maternal Kvekić family, where she died unmarried and childless.

Her coffin was transferred first from Venice to Cattaro, at that time part of the Austro-Hungarian Empire and then to Montenegro, where her remains were buried next to her mother and father, in the Monastery of Cetinje.

Princess Olga's funeral was attended by every member of the Montenegrin royal family and the whole diplomatic corps.

Special wreath of fresh flowers was sent by Queen Margherita, soon to be mother-in-law of her paternal cousin, Elena of Montenegro.