Danish qualifier Olesen, world number 354, sets pace at Portrush
The 26-year-old left-handed qualifier eagled the 12th hole and picked up four birdies before a bogey at the last left him joint top of the leaderboard alongside China's Li Haotong and England's Matthew Fitzpatrick.
After early sunshine on the Dunluce Links, heavy rain made life difficult for the players but England's Matthew Jordan returned a three-under-par 68.
Dane Nicolai Hojgaard, who went out in the first group of the day, compiled a solid 69 to finish at two under.
"I had to grind pretty hard to shoot a score today," he said. "I felt like I squeezed the most out of it, and sometimes those days are really nice to have."
Former U.S. collegiate player Olesen, who turned professional last year having made his Open debut at Troon as an amateur, sank a 40-foot birdie on the tough opening hole and reached the turn in 35. He rolled in his eagle at the 12th before a chip-in at the 15th gave him the outright lead.
Veteran American Phil Mickelson, the 2013 Open champion, rolled back the years with a one-under 70, including a spectacular par-save when he holed out from a greenside bunker at the par-three third.
"That bunker shot that buried in the lip, and then to make it, it was obviously a lot of luck. It was crazy. I was just trying to save bogey, and I got lucky," the 55-year-old said.
Former world number one Lee Westwood, 52, also began well with a two-under 69 while Spain's Sergio Garcia was three under after seven holes as the old guard shone.
Defending champion Xander Schauffele began in steady fashion with two birdies and two bogeys in his first 14 holes while playing partners Jon Rahm and U.S. Open champion JJ Spaun were at one under towards the end of their rounds.
World number one Scottie Scheffler was one under and 2019 Portrush champion Shane Lowry was level par after 14 holes.
Northern Ireland's Rory McIlroy is among the late starters as he bids for a second Claret Jug in the company of England's Tommy Fleetwood and American Justin Thomas.
Ireland's Padraig Harrington, twice Open champion, had struck the first tee shot of the tournament in cloudy conditions. Brighter weather and light winds were forecast for the later afternoon.
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