This is the 8594th most frequent Russian word.
олимпийская
"Oлимпийская" means "Olympic" in English.
Here, 'олимпийская' is an adjective describing the team that belongs to or is associated with the olympics.
В этом году начинается олимпиада, и олимпийская команда готова.
This year the olympics begin, and the olympic team is ready.
In this case, 'олимпийская' characterizes the discipline as being part of the olympics or adhering to olympic rules.
Она выиграла золото в олимпийской дисциплине.
She won gold in an olympic discipline.
Here, 'олимпийская' serves as an adjective defining which kind of medal is being referred to, specifically one from the olympics.