Olson attended public schools and graduated from Willmar High School in 1948. He farmed between 1948 and 1955, and was an insurance representative from 1955 to 1962. He was active in the Minnesota Democratic-Farmer-Labor Party from 1952 to 1962, serving as a district chairman for four years. He was a delegate to the Democratic National Convention in 1960, 1964 and 1968.