Olga Knyazeva took up fencing when she was 12-years-old and was on the Soviet national team from 1972-78. Her best year as a fencer was 1975, when she won the World Cup, individual silver and team gold at the World Championships and was named best female fencer of the year by the Fédération Internationale d’Escrime (FIE). Knyazeva also won an Olympic team gold in 1976, while finishing ninth individually. She won World team titles in 1974, 1977 and 1978, won team silver at the 1973 World Championships and won the European Team Cup in 1975 and 1976. At the Soviet championships, Knyazeva won team titles in 1974, 1976 and 1977, team silver in 1973, individual bronze in 1976 and team bronze in 1975. She also won an individual gold at the 1977 Soviet Cup, team gold at the 1976 Soviet Cup and individual silver at the 1975 Soviet Cup. After finishing her sporting career, Knyazeva worked as a fencing coach in Kazan, and also taught physical education at the Kazan State Institute of Economics and Finance.