Reconstructions that place him as a historical king date his reign to c. 970 – c. 975.
Olof was the son of Björn Eriksson who ruled as king of Sweden.
After the death of their father, Olof ruled jointly with his brother Eric the Victorious (Swedish: Erik Segersäll).
By his queen Ingeborg Thrandsdotter, he was the father of Styrbjörn Starke and Gyrid, queen consort of King Harald Bluetooth.
This son ruled as the historical king Olof Skötkonung.