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Both sides were level at nine points each when they pulled on their golf clothing on Sunday, but Olazábal masterminded victory by leading his team to a 6-4 victory in the singles.
Francesco Molinari, who secured the winning point for Olazábal's winning Ryder Cup side at Medinah twelve months ago, once again found himself in the deciding matchup.
The Italian beat Chris Wood 3&2 to take the Continental Europeans above the 14.5 points needed to win the cup.
"Very emotional - it's been a tough day," Olazábal told EuropeanTour.com.
"Everything went to the last match. The boys really played well today and I'm very, very happy to have won the Seve Trophy this time."
However Olazábal was disappointed at the number of big names that passed up the opportunity to play in the biennial match-up.
Only Molinari, Nicolas Colsaerts and Paul Lawrie from the Spaniard's victorious 2012 Ryder Cup squad elected to play in this year's tournament. Thomas Björn, Miguel Angel Jiménez and Paul Casey were the only other former Ryder Cuppers involved.
The impact of this has meant that the trophy is without a sponsor for the next event in two years time, and Olazábal fears that the tournament will not continue without Europe's star names.
"It would be a shame if the Seve Trophy didn't carry on for many years as this has been such a wonderful match. We need as many big names as possible," he told the Telegraph.
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