His professional input consisted of 35 Segunda División games with UD Salamanca, and two in La Liga with Real Sociedad.
Olabe made his debut in the Spanish top flight on 15 October 1995, starting in a 1–2 home loss against CP Mérida.
On 2 July 2002, he and assistant manager Jesús María Zamora were handed a four-month ban as the former did not possess a coaching licence.
[4] After acting as the club's director of football, Olabe was appointed SD Eibar coach on 27 December 2005.
In 2010–11, Olabe was one of three managers in charge of UD Almería – where he had already worked in directorial capacities[7]– who returned to the second division after a four-year stay.