Margrét Rannveig Ólafsdóttir (born 6 July 1976) is an Icelandic former professional footballer. She played 51 times for the Iceland women's national football team, scoring eight goals. Except for the 2001 season, in which she played for the Philadelphia Charge of the Women's United Soccer Association, Margrét spent her entire playing career with Breiðablik. She was named Úrvalsdeild kvenna Player of the Year in 1994. She was the first female player to win 50 caps for Iceland.