<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>
<periodOfReport>2003-09-10</periodOfReport>
    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001108520</issuerCik>
        <issuerName>OLYMPIC RESOURCES LTD</issuerName>
        <issuerTradingSymbol>olyr</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001263252</rptOwnerCik>
            <rptOwnerName>SILVERMAN DANIEL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3355 WEST ALABAMA</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 950</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77098</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>0</isDirector>
<isOfficer>1</isOfficer>
<isTenPercentOwner>0</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle>Chief Operating Officer</officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<remarks>No Securities are beneficially owned.</remarks>
<ownerSignature>
<signatureName>/s/ Daniel Silverman</signatureName>
<signatureDate>2003-09-19</signatureDate>
</ownerSignature>
</ownershipDocument>

