The future bishop entered the minor seminary, Colegio Apostólico San Agustín, in La Linda, Manizales, on the 28th of September, 1944. On the 29 of September, 1947, he received the habit and began his novitiate year in the convent of Suba. He made profession of simple vows on the 29th of September, 1948, before the prior provincial, Father Eugenio Ayape. He completed the three years of philosophy in the convent of El Desierto de la Candelaria, 1948-1951.
In September of 1951, he was sent by his superiors to the International College of San Ildefonso in Rome in order to complete his studies at the Gregorian Pontifical University. The previous year the house of San Ildefonso was reopened after an interruption caused by World War II. He made his profession of solemn vows on the 7th of February, 1953, again before Fr. Ayape, now prior general of the Order of Augustinian Recollects. He was ordained to the priesthood on the 3rd of October, 1955, at the Basilica of the Twelve Apostles by the Cardinal Vicar of Rome, Luigi Traglia.
He enrolled in the Pontifical Biblical Institute for 2 years of study leading to a licentiate in Bible Sciences.
Named subprior of the convent of Suba Provincial Chapter of 1957 and vice master of the professed by the Provincial Council, he was transferred to this house. In 1959, when the vicar prior, Father German Jimenez Botero resigned, Olavio was named vicar prior and remained in this post until the Provincial Chapter of 1961. For the next four years, he served as Master of the Professed in the same house.
By reason of the Provincial Chapter of 1965, he was named prior of Suba and, by decision of the Provincial Chapter of 1969, he became Vicar Provincial and first councilor. In February of 1971, the prior provincial, Fr. Ruben Buitrago, was made, by order of the Holy See, Auxiliary Bishop of the Archdiocese of Bogota. As Vicar Provincial, Fr. Olavio automatically became Prior Provincial.
In the Provincial Chapter of 1972, he was elected to a term of three years, after which, he was assigned to the Apostolic Vicariate of Casanare as pastor of the parish of Monterrey.
In 1977, he was named Vicar Apostolic of Casanare by the Holy See and successor of Bishop Arturo Salazar who had been transferred to the Diocese of Pasto. He was ordained bishop on August 7, 1977, by the Papal Nuncio in Colombia, Archbishop Eduardo Martinez Somalo. The ceremony took place in the Cathedral of Bogota where all of the apostolic vicars of Casanare had been ordained bishop beginning with St. Ezekiel Moreno. Bishop Olavio took possession of the vicariate canonically on the 28th of August, 1977, in the parish church of Yopal. As a gesture of significance, he repeated the act of possession by celebrating the same in the Cathedral of Tamara on the 4th of September. This act signified the immanent transfer of the seat of the vicariate to a more central city of the territory. This new site would be closer to the more populated areas and to the more numerous presence of the missionaries.
As a member of the Episcopal Conference of Colombia, he served on the commissions dealing with the consecrated life and the mixed commission on catechetics. He became president of the first and, also, delegate for Pastoral and the Bible.
He promoted plans being made to divide the vast territory into two ecclesiastical jurisdictions, a diocese with the seat in Yopal and a vicariate located in the municipality of Trinidad which would embrace a larger but less densely population territory. The project was presented to the Episcopal Conference of Colombia and to the Apostolic Nuncio. The Holy See approved the project and proceeded to create the two jurisdictions with the projected centers and limits which had been proposed. In advance, Bishop Olavio made known to the Holy See that he declined accepting the offer to become the first bishop of the new diocese but, in the meantime, was named Apostolic Administrator of the new jurisdictions until the new bishops were named. Two years after the creation of the new ecclesiastical entities, the new bishops were named.
He left Casanare definitively August 30 of 2001 and has lived, since that date, with the community of Colegio Agustiniano Norte. On September 24 of the same year, at the request of Cardinal Pedro Pubiano Saenz, accepted the post of Vicar General and Vicar for Religious of the Archdiocese of Bogota.
The Apostolic Vicariate of Casanare, as of the 29th of October, 1999, was divided into the Diocese of Yopal with an extension 17, 725 square kilometers and a population of 275, 209 inhabitants and the Apostolic Vicariate of Trinidad (27, 075 square kilometers and a population of 68, 700 inhabitants).