Olga Masters was born in Pambula, New South Wales, the second of eight children. Her early life was characterised by the poverty of the depression era, her family moving around the South Coast region in search of work. Masters herself began working as a journalist at the age of 15 on the
Cobargo Chronicle, a weekly newspaper serving the south coastal area between Bega and Moruya.
In 1937, at the age of 18 she moved to Sydney where she worked in office jobs and met Charles Masters, a teacher, whom she married in 1940. With him, she again travelled around country towns, including Grafton, Lismore and Urbenville, before returning to Sydney. They had seven children:
- Roy Masters, rugby league coach and journalist
- Ian Masters, radio broadcaster
- Quentin Masters, (1946 - ) film maker
- Chris Masters, (1948 - ) journalist
- Sue Masters media producer
- Deb Masters, media producer
- Michael Masters, ( - 1989)
Masters died of a brain tumour in Wollongong Hospital in 1986.