Olcott is a lakeside community which is home to the deepest harbor on Lake Ontario west of Rochester, NY. The community is at the junction of East/West Lake Road (NYS Route 18) and Lockport-Olcott Road (NYS Route 78).
Krull Park in the northeast part of the village, is the largest county-operated park in Niagara County. Olcott-Newfane Airport (D80) is located south of the village, but is closed indefinitely except for ultralight aircraft.
According to the United States Census Bureau, the village has a total area of 5.3 square miles (13.8 km²), of which, 4.6 square miles (11.9 km²) of it is land and 0.7 square miles (1.9 km²) of it (13.56%) is water.
There were 476 households out of which 29.0% had children under the age of 18 living with them, 53.4% were married couples living together, 7.6% had a female householder with no husband present, and 33.8% were non-families. 27.3% of all households were made up of individuals and 10.1% had someone living alone who was 65 years of age or older. The average household size was 2.42 and the average family size was 2.93.
In the village the population was spread out with 23.4% under the age of 18, 8.1% from 18 to 24, 24.0% from 25 to 44, 29.3% from 45 to 64, and 15.2% who were 65 years of age or older. The median age was 41 years. For every 100 females there were 102.1 males. For every 100 females age 18 and over, there were 103.2 males.
The median income for a household in the community was $42,386, and the median income for a family was $52,000. Males had a median income of $36,250 versus $22,344 for females. The per capita income for the CDP was $17,599. About 5.3% of families and 8.4% of the population were below the poverty line, including 8.0% of those under age 18 and 4.7% of those age 65 or over.