Relax your lips and drop your jaw significantly. The tongue tip lightly touches behind the bottom front teeth and the back part of the tongue presses down a little to create more dark space in the back of the mouth.

Americans pronounce olive as AH-luhv (/ˈɑləv/). Stress falls on the first syllable — keep everything else short and quick. You'll hear it in sentences like "The recipe calls for two tablespoons of olive oil and minced garlic".
Record yourself saying "olive" and play it back. The mic stays on your device — nothing's uploaded.
2 syllables, 4 sounds. Tap a syllable to jump to its row, then explore each sound's mouth shape and how it's made.
Place the tip of your tongue against the alveolar ridge just behind your top front teeth, the same contact point as /t/, /d/, and /n/. The difference is what happens to the air: for /l/, you let it flow continuously around the <em>sides</em> of the tongue (that's why /l/ is called a lateral). Turn your voice on the whole time. Lips stay relaxed, no rounding or flaring. For the Dark L variant at the end of a syllable, also pull the back of the tongue up and back toward the soft palate.

Relax your lips, jaw, and tongue completely. Drop your jaw slightly and keep the tongue neutral.
Lift your bottom lip so its inner edge (where the wet part meets the dry part) touches the very bottom of your top front teeth. Add vocal cord vibration as you blow air through.

The textbook way isn't wrong — it's just not how anyone actually says it.
Stress falls on the first syllable, not the others. Stretch AH — keep everything else short and quick.
Don't pronounce the first syllable too fully. The unstressed syllable reduces to a schwa — the lazy "uh" sound — in casual speech.