Olshey was also named the team's president of basketball operations.
"Our team has made great strides under Neil’s leadership, and I am excited to extend his contract," said owner Paul Allen. "Neil has done an outstanding job as general manager by quickly rebuilding our team into a playoff contender. The franchise is clearly on the upswing, and I hope to see further improvements in the years to come."
Olshey was named the Trail Blazer's GM in June 2012. Portland went 33-49 in his first year, then went 54-28 last season, marking the largest year-to-year improvement in team history. The Blazers also won their first playoff series in 14 years before falling in the Western Conference semifinals.
He finished third in NBA executive of the year voting after last season.
Olshey previously served as the Clippers vice president of basketball operations.
- Molly Geary