Olian was born and raised in Australia, the daughter of Holocaust survivors.^[2] During her childhood, Olian also lived in Israel.^[3] She received a Bachelor of Science degree from the Hebrew University of Jerusalem.^[2][4][5] She went on to receive a Masters of Science degree and PhD in industrial relations from the University of Wisconsin–Madison.^[2][4][5]

Olian was a professor of management & organization and served as senior associate dean of the Robert H. Smith School of Business at the University of Maryland.^[2][4] She worked as dean of the Smeal College of Business at Pennsylvania State University from 2001 to 2006, where she was a Professor of Management.^[2][4] She was the dean of the UCLA Anderson School of Management from 2006 to 2018, where she held the John E. Anderson Chair in Management.^[2][4][5] In 2008, she was the chair of the Association to Advance Collegiate Schools of Business.^[2][4]

Olian is a member of the board of directors of Ares Management, an investment firm based in Los Angeles, and the United Therapeutics Corporation.^[6][7][8] Additionally, she is a member of the board of advisors of several other companies, including Mattel^[9] and Catalyst, a non-profit organization which promotes an inclusive workplace for women.^[10] She is on the council of advisors of the United States Studies Centre at the University of Sydney.^[2] Olian is a recipient of an American Council on Education Fellowship and the Maryland Association for Higher Education Award for Innovation.^[2] On January 29, 2018, Olian was announced as the new president of Quinnipiac University, replacing John Lahey, effective July 1, 2018.