Triple jumper Olsson was almost half a metre better than second-placed Nathan Douglas of Britain with a leap of 17.67, the best in Europe this year.
The 26-year-old received a standing ovation as he went on his lap of honour around the stadium where as a boy he watched Jonathan Edwards set the world record of 18.29 11 years ago.
It was just reward for Olsson, who has had a torrid time with a foot injury that required four operations since winning the Olympic title in Athens two years ago.
Cheered relentlessly, Olsson won the competition with his second jump as no one else looked like getting close.
Douglas took the silver with 17.21, three centimetres more than Romania's Olympic silver medallist Marian Oprea.
Isinbayeva completed her triple crown, adding the European pole vault title to her world and Olympic ones but the weather thwarted her attempt to break her world record of 5.01.
Isinbayeva finished the competition on 4.80 ahead of Poland's Monika Pyrek and Russian Tatyana Polnova, both on 4.65.
Defending champion Svetlana Feofanova of Russia missed out on a medal in fourth.
Alesia Turava gave her family their second European championship gold as Belarus won three on the penultimate day of competition.
Turava, older sister of women's 20km walk champion Ryta, won the inaugural women's 3,000 metres steeplechase final, punching the air as she crossed the line in 9:26.05.
Belarus's other medals came in the throws as Natallia Khoroneko edged compatriot and world champion Nadzeya Ostapchuk to the women's shot put title by one centimetre and Ivan Tikhon won the men's hammer.
World indoor champion Khoroneko took the lead in the fourth round with 19.43 metres. It was only the second time in 40 years that a throw of less than 20 metres has won.
Tikhon found his form for his first win of the year with a season's best throw of 81.11 metres in the hammer.
Latvia celebrated their second European gold in history and their first since the opening championships in 1934 when Stanislav Olijar cruised to victory in a 110 hurdles final.
Results of finals on Saturday:
Men's 110-metre hurdles: 1. Stanislavs Olijars (Latvia) 13.24 seconds; 2. Thomas Blaschek (Germany) 13.46; 3. Andrew Turner (Britain) 13.52; 4. Igor Peremota (Russia) 13.55; 5. Robert Kronberg (Sweden) 13.57; 6. Jens Werrmann (Germany) 13.73; 7. Daniel Kiss (Hungary) 13.77; 8. Sergiy Demidyuk (Ukraine) 13.96.
Men's discus throw: 1. Virgilijus Alekna (Lithuania) 68.67 metres; 2. Gerd Kanter (Estonia) 68.03; 3. Aleksander Tammert (Estonia) 66.14; 4. Mario Pestano (Spain) 64.84; 5. Michael Moellenbeck (Germany) 64.82; 6. Piotr Malachowski (Poland) 64.57; 7. Rutger Smith (Netherlands) 64.46; 8. Lars Riedel (Germany) 64.11; 9. Sergiu Ursu (Romania) 62.48; 10. Andrzej Krawczyk (Poland) 61.56; 11. Roland Varga (Hungary) 60.52; 12. Gabor Mate (Hungary) 57.35.
Men's hammer throw: 1. Ivan Tikhon (Belarus) 81.11 metres; 2. Olli-Pekka Karjalainen (Finland) 80.84; 3. Vadim Devyatovskiy (Belarus) 80.76; 4. Markus Esser (Germany) 79.19; 5. Szymon Ziolkowski (Poland) 78.97; 6. Krisztian Pars (Hungary) 78.34; 7. Primoz Kozmus (Slovenia) 78.18; 8. Karsten Kobs (Germany) 77.93; 9. Nicola Vizzoni (Italy) 76.55; 10. Andras Haklits (Croatia) 74.83; 11. Marco Lingua (Italy) 73.73.
Men's triple jump: 1.Christian Olsson (Sweden) 17.67 metres; 2. Nathan Douglas (Britain) 17.21; 3. Marian Oprea (Romania) 17.18; 4. Nelson Evora (Portugal) 17.07; 5. Phillips Idowu (Britain) 17.02; 6. Danila Burkenya (Russia) 16.98; 7. Viktor Yastrebov (Ukraine)16.94; 8. Nikolay Savolaynen (Ukraine) 16.84; 9. Alexander Martinez (Switzerland) 16.80; 10. Aleksandr Sergeyev (Russia) 16.65; 11. Aleksandr Petrenko (Russia) 16.60; 12. Yevhen Semenenko (Ukraine) 16.39.Women's 3000-metre steeplechase: 1. Alesya Turova (Belarus) nine minutes 26.05 seconds; 2. Tatyana Petrova (Russia) 9:28.05; 3. Wioletta Janowska (Poland) 9:31.62; 4. Lyubov Ivanova (Russia) 9:33.53; 5. Veerle Dejaeghere (Belgium) 9:35.78; 6. Yelena Sidorchenkova (Russia) 9:38.05; 7. Ida Nilsson (Sweden) 9:39.24; 8. Zulema Fuentes-Pila (Spain) 9:40.36; 9. Katarzyna Kowalska (Poland) 9:42.89; 10. Cristina Casandra (Romania) 9:42.94; 11. Elodie Olivares (France) 9:52.69; 12. Miranda Boonstra (Netherlands) 10:20.01.
Women's 5000 metres: 1. Marta Dominguez (Spain) 14 minutes 56.18 seconds; 2. Liliya Shobukhova (Russia) 14:56.57; 3. Elvan Abeylegesse (Turkey) 14:59.29; 4. Joanne Pavey (Britain) 15:01.41; 5. Olga Kravtsova (Belarus) 15:06.47; 6. Sabrina Mockenhaupt (Germany) 15:11.38; 7. Susanne Wigene (Norway) 15:11.79; 8. Krisztina Papp (Hungary) 15:16.85; 9. Maria Protopappa (Greece) 15:22.13; 10. Regina Rakhimkulova (Russia) 15:22.50; 11. Nathalie De Vos (Belgium) 15:22.68; 12. Mary Cullen (Ireland) 15:25.80; 13. Nastassia Staravoitava (Belarus) 15:55.74.
Women's marathon: 1. Ulrike Maisch (Germany) two hours 30:01 minutes; 2. Olivera Jevtic (Serbia) 2:30:27; 3. Irina Permitina (Russia) 2:30:53; 4. Zivile Balciuenaite (Lithuania) 2:31:01; 5. Bruna Genovese (Italy) 2:31:15; 6. Alevtina Biktimirova (Russia) 2:31:23; 7. Deborah Toniolo (Italy) 2:31:31; 8. Giovanna Volpato (Italy) 2:32:04; 9. Anna Incerti (Italy) 2:32:53; 10. Analia Rosa (Portugal) 2:32:56; 11. Claudia Dreher (Germany) 2:33:53; 12. Nailya Yulamanova (Russia) 2:35:26.
Women's pole vault: 1. Yelena Isinbayeva (Russia) 4.80 metres; 2. Monika Pyrek (Poland) 4.65; 3. Tatyana Polnova (Russia) 4.65; 4. Svetlana Feofanova (Russia) 4.50; 5. Martina Strutz (Germany) 4.50; 6. Silke Spiegelburg (Germany) 4.50; 7. Naroa Agirre (Spain) 4.45; 8. Roza Kasprzak (Poland) 4.40; 9. Nastja Ryshich (Germany) 4.35; 10. Pavla Hamackova (Czech Republic) 4.35; 11. Krisztina Molnar (Hungary) 4.30.
Women's shot put: 1. Natalya Khoroneko (Belarus) 19.43 metres; 2. Nadezhda Ostapchuk (Belarus) 19.42; 3. Petra Lammert (Germany) 19.17; 4. Olga Ryabinkina (Russia) 19.02; 5. Assunta Legnante (Italy) 18.83; 6. Nadine Kleinert (Germany) 18.47; 7. Irina Khudoroshkina (Russia) 18.44; 8. Chiara Rosa (Italy) 18.23; 9. Krystyna Zabawska (Poland) 17.99; 10. Oksana Gaus (Russia) 17.59; 11. Cristiana Checchi (Italy) 17.42; 12. Magdalena Sobieszek (Poland) 16.17.—Reuters