Olga Velikanova graduated from GITIS (now RATI) in the famous Maria Knebel course in 1972. She has worked in the Stanislavsky Drama Theatre since 1973. In tandem with playwright Galina Sokolova she staged the famed children's productions of The Princess Frog and The Black Hen, which ran in repertory for over 20 years. As second director she worked on such productions as Two Gentlemen of Verona, A Housewarming in an Old House, The Heart of a Dog and many others. For many years, she stage managed performances in the ongoing repertoire, including updates and the introduction of new cast members. As an actress, she played Glafira in Alexander Ostrovsky's Wolves and Sheep (directed by Leonid Varpakhovsky), and Elite in Shoo, Bony, Shoo by Saulius Šaltenis (directed by Boris Morozov). She has collaborated with the Leonid Varpakhovsky Theatre in Canada (playing Anfus in Wolves and Sheep, 2001). Velikanova has staged more than 15 productions in various Russian theaters, and has organized numerous theatricalized public performances dedicated to significant days in the history of Russia.
She has recorded sound tracks for approximately 30 foreign films, and is the voice behind a large number of radio programs. As a teacher she is particularly active in working with children. She has taught acting at the Institute of Contemporary Art, and at the Russian Institute of Cinema. She supervises the Dinaoda children's theatre studio for children with phyiscal challenges.
She has won numerous awards and prizes.