Olivella lactea is a species of small sea snail, marine gastropod mollusk in the subfamily Olivellinae, in the family Olividae, the olives.

), subovate, thin or of medium texture, with a rather high body-whorl and an elevated, evenly conic spire half the total length.

Sutures linear, grooved, the edge of the whorl in front forming a narrow, slightly overhanging collar.

The paired medial cusps of the rachidian tooth are more widely separated with smaller accessory ones between.

It has been found off La Guajira along the northern Caribbean coast of Colombia.,[4] in the Gulf of Mexico and off the Lesser Antilles.