Meaning and Name Origin
Olav \o-lav\ as a boys' name is of Old Norse derivation, and the meaning of Olav is "ancestor's relic". Olav is a variation of Olaf (Old Norse): a royal name in Norway, and a saint's name. Unique as a birth name for boys.
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)
Shown below is a comparison of the popularity of the boy name Olav and related names. Popular alternative forms of Olav (#unlisted) listed in the Top 1000 are Olle, Olof, Olin, Ole, Olaf and Ola. These boy names reached the apex of their popularity during the years 1880-1889 and are now much less widespread, with the versions Olin, Ole and Olaf becoming less fashionable. (2014 Birth Statistics)
Olav is alike in pronunciation to Elov. Like Olav, this name is not commonly used.