Yes, olive is a Scrabble word!

Adjective

1. Of a yellow-green color similar to that of an unripe olive

Noun

1. Small ovoid fruit of the European olive tree; important food and source of oil

2. Evergreen tree cultivated in the Mediterranean region since antiquity and now elsewhere; has edible shiny black fruits

3. Hard yellow often variegated wood of an olive tree; used in cabinetwork

4. One-seeded fruit of the European olive tree usually pickled and used as a relish

5. A yellow-green color of low brightness and saturation