Holt was born in Germantown, Tennessee, to parents Mark and Kim Holt. She has a younger brother named Cade and an older sister named Morgan Toll. At age 3, her family moved to Nesbit, Mississippi where she grew up after briefly living in Memphis. Holt has long enjoyed gymnastics and cheerleading. She currently resides in Los Angeles, California with her family.
Holt began her acting career when she started performing in local theater productions. She has appeared in several television commercials, including Hasbro, Kidz Bop 14, Mattel, Bratz dolls, Littlest Pet Shop, and Girl Gourmet products.
Holt auditioned for Disney XD's martial arts show Kickin' It, which premiered in 2011. Possessing skills in gymnastics, she received a call back from the producers and joined the cast in the same year. She has appeared in every season to date, portraying the role of Kim. Holt starred in the Disney Channel Original Movie Girl vs. Monster. She plays the lead character Skylar Lewis, a teenage girl that discovers her family have long worked as monster hunters, and she's next in line. The film premiered in October 2012. She recorded three songs for the movie, released as a part of the Make Your Mark: Ultimate Playlist. She also recorded her version of "Winter Wonderland" for the Disney Channel Holiday Playlist album in 2012. She portrayed Valentina in The Evermoor Chronicles.
- Olivia Holt's favorite Disney character (and princess) is Rapunzel.