"My olive trees look really peaked right now. They looked good last fall, but now the leaves on all of the trees are yellowish. They are 3 years old, mixed Italian varieties. They did this a little last spring, too."
Yellowing leaves can be a sign of many things on olive trees; some are worrisome and some are not. An overall yellowish cast to the leaves on olives trees at this time of year is pretty common. The nutrient uptake of the trees is poor in cold weather, so olives (and citrus) will often look yellowish at this time of year. Once the soil warms, the leaves will usually get greener.
Because of the timing of your yellowish leaves and their even distribution, it sounds like warmer weather will take care of it. Yellowish leaves can be a sign of nitrogen or potassium deficiency, and rot root can also cause leaves to yellow, so if the problem persists, you will need to investigate further.