The winner 'extended/offered an olive branch' to his opponent by calling him a great player.
She has 'olive' skin. [=her skin has a yellowish-green tone to it]
The soldiers were dressed in 'olive drab'.
(..) JORDAN: Then get some alcohol. I don't have any. JORDAN: You don't have any alcohol? MAGGIE: I don't operate here. JORDAN: How about some olive oil? Which kind? Jalapeo or rosemary? Rosemary. JORDAN: So what did you and your friend-- What did you say his name was? Seth. (..)1998 City of Angels