Fabio Albarelli was the first Italian sailor to win an Olympic medal in Finn class, which he did at the 1968 Mexico City Olympics. Albarelli came from a sailing family, as they started the Torri del Benaco Yachting Club. He came to prominence in 1965, winning the Italian Finn Championship in the Geronimo boat. In 1967 he placed third in the pre-Olympic test races on the Acapulco course.
Albarelli later added another Italian title in Finn and then switched to the Soling class, where he won two Italian titles. He missed the 1972 München Olympics but returned in 1976 and competed in Soling at the Montréal Olympics, although his boat was far from the podium. In the 1980s, Albarelli quit the sport competitively to run the family business in Verona.