First Lieutenant Olson was the pilot of a F-51D Mustang night fighter with the 67th Fighter Bomber Squadron, 18th Fighter Bomber Group. On 14 May 1952, while on a combat mission, his aircraft received a direct hit by anti-aircraft fire, exploded and crashed a half mile northwest of Ultin, Korea.

Olson was awarded the Purple Heart, the Korean Service Medal, the United Nations Service Medal, the National Defense Service Medal, the Korean Presidential Unit Citation and the Republic of Korea War Service Medal.