Olenya Bay (Russian: Оле́нья Губа) is bay of the Barents Sea on the Kola Peninsula in the Murmansk Oblast, Russia. The Pechenga River discharges into the bay. Russian naval base is located on the shores of the bay. That is part of the naval installation at Gadzhievo (also known as Skalisty) in the Murmansk Oblast. It is an extension of the Kola Inlet, which opens out to the north into the Barents Sea.