This is the 8595th most frequent Russian word.
олимпийские
Olympic.
The word 'олимпийские' functions as an adjective describing 'игры', specifying that these are games related to the Olympics.
Олимпийские игры проводятся каждые четыре года.
The Olympic Games are held every four years.
Here, 'олимпийский' is an adjective modifying 'факел', referring to the torch associated with the Olympic tradition.
Факел олимпийский символизирует преемственность и дружбу.
The Olympic torch symbolizes continuity and friendship.
In this sentence, 'олимпийским' is used in the instrumental case as an attribute to 'чемпионом', indicating the type of champion: one related to the Olympics.