A student at the École normale supérieure (1960), Olivier Picard obtained his agrégation of history in 1964 and became a member of the French School at Athens (1966–1971).
He immediately began his academic career at the Paris West University Nanterre La Défense (1971) where he was appointed a professor in 1979.
Back in Nanterre, he was quickly elected at Paris IV-Sorbonne where he directed the graduate school of ancient and medieval history.
Picard was president of the Société française de numismatique and of the "Association des études grecques".
On 24 April 2009, he was elected a member of the Académie des Inscriptions et Belles-Lettres, in François Chamoux's seat.