What does Olav mean?
Olav /olav/ [2 sylls.] as a boys' name is of Old Norse derivation, and the meaning of Olav is "ancestor's relic". Olav is an alternate spelling, with the suffix -v, of Olaf (Old Norse): a royal name in Norway.
How popular is Olav?
Olav is a rare first name for men. Olav is an equivalently rare last name too for both adults and children. (2000 U.S. Census)
Popular alternative forms of Olav (not in Top 1000) listed in the Top 1000 are Olle, Olof, Olin, Ole, Olaf and Ola. Forms like Olaff are uncommon. These boy names reached the apex of their popularity during the years 1880-1889 (usage of 0.3115%) and are now much less widespread, with the versions Olaf, Ole and Olin becoming less fashionable. Shown below is a comparison of the popularity of the boy name Olav and related names. (2014 Birth Statistics)
Olav is alike in pronunciation to Elov. Like Olav, this name is not commonly used.