In October 2017, Fontana was named as Italy's flag bearer for the opening ceremony of the 2018 Winter Olympics in PyeongChang, South Korea. She was the first short track skater to be selected as flag bearer for the Italian Olympic team and the second flag bearer from the Italian Ice Sports Federation, after Carolina Kostner. She won her first Olympic gold medal there, in the 500 m event. She was the first European to win a 500 m Olympic gold. She also won silver in the team event and bronze in the 1000 m event, becoming the woman with most medals in the sport. It also meant that she had won Olympic medals at every contested distance.