Ólafsfjörður is a town in the northeast of Iceland located at the mouth of the fjord Eyjafjörður.

The town is connected to Eyjafjordur via the 3.5 km one-lane Múli tunnel (the Múlagöng). Fishing is the main industry in the town and several fishing trawlers make their home in the town’s harbor.

The municipality of Ólafsfjörður and Siglufjörður has merged to form a municipality called Fjallabyggð, which literally means Mountain Settlement.