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In 1959 The Society of Naval Architects and Marine Engineers presented to Olin its foremost award, the David W. Taylor Medal. In 1993 he was awarded the Gibbs Brothers Medal by the National Academy of Sciences “For his design of outstanding sailing vessels, including six defenders of the America’s Cup and thousands of ocean-racing yachts, and for promoting the use of scientific knowledge and research in the field of naval architecture.” In 1994 he was elected to the National Academy of Engineering. He received honorary degrees from Brown University, Stevens Institute of Technology and the University of Venice (Italy), and numerous awards from yachting organizations.