Ólafsvík a bustling fishing town, with breakwater protected harbour. The main occupation here is fishing and fish processing. The town has for centuries served as a trade and service centre for the neighbouring community. Tourism is of growing importance. There are two hotels in Ólafsvík Hotel Höfđi and Gistiheimili Ólafsvíkur. The hotels offer meals and a wide range of leisure activities. A regional and maritime museum is in Ólafsvík, the church is of strikingly modern design. There is a swimming pool is in Ólafsvík as well as a golf course, a camping site, a tourist information centre, garage, hospital, bank, post Office and other public services.