Olaf Jacobsen won an Olympic bronze medal with the Norwegian team in gymnastics in the all-around Swedish system team event at the 1912 Olympics in Stockholm. He was also an avid football player and one of the founders of the football club Kvik in Fredrikshald. Jacobsen was both captain of Kvik’s team and vice-chairman of the club. He played in the football club’s first semi-final in 1908 against Odd Skien.
Jacobsen travelled to the United States in 1912 but returned to Norway after a few years. He worked as a carpenter and later as a worker in a butter factory.