After the commercial success of the 1996 album Esclava De Tu Piel which had produced five hit singles followed by "Muévete Salvaje" from the 1997 hits compilation Mucho Azúcar - Grandes Éxitos, Azúcar Moreno teamed up with producer Ricardo "Eddy" Martinez in Miami again for the recording of 1998 album Olé. The album included further original material from Spanish singer Miguel Gallardo and Luis Cabañas, the team that had composed most of the singles on the preceding Esclava De Tu Piel, collaborations between Gallardo and David Ferrero and Pedro del Moral, songs by producer Richardo "Eddy" Martinez and it also saw one of the Salazar sisters, Encarna, making her debut as composer on the track "Dime Que Me Quieres". Production-wise Olé followed the winning combination of up-to-date club beats fused with flamenco and rock and contrasting R&B influenced ballads and rumbas, arrangement-wise the album differed slightly to its predecessor as it featured live strings on several titles. The album also closes with the acoustic "No Pretenderás", with instrumentation of just flamenco guitars and palmas - and a guest appearance by the duo's brothers Los Chunguitos.

The lead single was the title track "Olé", just like "Sólo Se Vive Una Vez" musically influenced by contemporary dance genres like reggaeton and dancehall but, as the title suggests, lyrically a tribute to the duo's native Spain. "Olé" was also released as two separate remix singles, the second entitled Olé - The Summer '99 Remixes featuring the track remixed and with additional production by renowned Latin remixer, DJ, music producer and arranger Pablo Flores, best known for being Gloria Estefan's personal remixer but also for having co-produced major hits for among others Madonna, Chayanne, Shakira and Ricky Martin. Flores' Club Mix of "Olé" was substantially rearranged from the original, not just by speeding up the tempo for the dancefloor but by adding new orchestration of brass, flamenco guitars and castanets to emphasize the song's lyrics and the track proved to be another big hit single for Azúcar Moreno in both Spain and Latin America.

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