Olwë appears to have belonged to the first generation of Elves, who awoke at Cuiviénen rather than being born. If this is true, however, it's hard to explain the fact that he had two brothers, Elwë; and Elmo, so it is at least conceivable that he was born while the Elves still lived in the distant east, rather than awakening there.

The -wë element of Olwë's name means 'one' (as for example in Ingwë 'first one' or Finwë 'hair one'). The ol- syllable, however, is obscure. It is possibly related to the same root ulu- seen in the name Ulmo, meaning 'pour' or 'flow', but there is no direct evidence to support this idea.

Eärwen is the only child of Olwë named in The Silmarillion, but there is a passing mention of the fact that she had brothers. In a comment reproduced in volume X of The History of Middle-earth, it's stated that 'Ingwë and Olwë beget many children', so Olwë may have had many sons (and possibly also more than one daughter, though Eärwen is the only one known).