She was born Rachel Marie Oberlin in Houston, Texas. Olson's maternal grandparents were Ukrainians who migrated to Texas, then Fort Wayne, Indiana, when she was two years old. She has stated that her biggest hero is her grandmother, who was a concentration camp survivor.
Olson's stage name came from the first name of a high school friend combined with a variation on the last name of the Olsen twins. Olson initially intended to continue attending college along with performing, but when her grades slipped she dropped out. According to Olson she had wanted to be a porn star since she was young, and only waited until she was nineteen and a half because she had been in a four-year relationship until then.
Olson has performed in over 230 adult movies. She was named Penthouse Pet of the Month for March 2008, appeared on the cover of Hustler, was on the cover of the May 2011 issue of Penthouse, and on the cover of the August 2011 Playboy magazine. In 2010, she was named by Maxim as one of the 12 top female stars in porn.
On March 1, 2011 Olson was reported to be living with actor Charlie Sheen. He referred to her as one of his "goddesses" (as Sheen calls his live-in girlfriends). During the controversy that resulted from Sheen's dismissal from Two and a Half Men, Olson was supportive of Sheen in comments made to the media. Sheen has stated that Olson has retired from the porn industry as a result of their relationship. Olson said on her website that although she didn't "believe in retirement", she was "unsure" about the status of her career. She later said to a reporter on whether she was retired from porn, "As long as I’m with Charlie. But be sure you put that in there though. ‘As long as I’m with Charlie, I am retired.’" On March 5, Sheen tweeted, that Olson had "left the building" and that, "We're sad... Over it...Applications now being accepted", then two hours later he tweeted, "She's back." Olson's mother said she was worried about her daughter, but Olson stated she was content with the arrangement and opined that men should be allowed to live with as many women as they wanted. Olson moved out of their home for the last time, and left Sheen in April 2011.
2007 NightMoves Adult Entertainment Award – Best New Starlet (Editor's Choice)
^Lukeisback.com interview "I'm atheist. I know that when you die, there's no heaven, so that really bums me out. I wish I could be Christian and say I'm going to heaven but I know I'm not. It sucks to know the truth."