Olybrius was through his mother Anicia Juliana a descendant of the conjoined Valentinianic and Theodosian dynasties, and the grandson of the emperor Olybrius (r. 472) and the great-grandson of Western Roman Emperor Valentinian III (r. 425–455).
He was also a potential augustus on the death of the Eastern Roman Emperor Zeno (r. 474–491) of the Leonid dynasty.
Olybrius was the son of Areobindus Dagalaifus Areobindus, magister militum from 503 to 504 and consul in 506, and of Anicia Juliana, the daughter of the Western Roman Emperor Olybrius and wife Placidia, who was the daughter of the Western Roman Emperor Valentinian III and wife Licinia Eudoxia.
Alan Cameron explains, "It may be that, alone among the consuls here discussed, Olybrius was actually known as 'Olybrius the younger' in social as well as consular contexts.
Nor is it hard to think of a reason why: he became consul as a mere child, barely ten years old, perhaps even less.