He earned a bachelor's degree from the Curtis Institute of Music, where he studied with Gregor Piatigorsky.
During the 1940s, Olefsky performed as the principal cellist of the Philadelphia Orchestra while maintaining a worldwide career as a solo artist.
Olefsky left his position in Philadelphia in 1950 to join the United States Navy.
In 1953, during his Navy service, he won the Michaels Memorial Award competition in Chicago.
Upon completing his military service, Olefsky became the principal cellist of the Detroit Symphony Orchestra.