Olsen started his playing career in the local leagues of Parana, Entre Ríos.

In 1949 he was signed by Tigre, the following year he joined champions Racing Club de Avellaneda.

Olsen started his managerial career with Córdoba CF leading them to promotion to La Liga in 1962.

He then managed Deportivo La Coruña, Real Zaragoza and FC Barcelona.

He also managed Elche CF, Sevilla FC and Celta Vigo.