Nickel contents of olivine have been widely used as petrogenetic indicators and as fertility indicatorsfor magmatic sulfide potential of mafic-ultramafic intrusions, on the assumption that olivines crystallized from magmas that had equilibrated with sulfide liquid should be relatively depleted in Ni compared with a sulfide-free baseline. This has given rise to a large accumulation of data that is brought together here, along with data on volcanic olivines, to critically evaluate the effectiveness of the approach. We identify multiple sources of variance in Ni content of olivine at given Fo content, including: variability in mantle melt composition due to depth, water content (and possibly source); subsequent fractional crystallization with and without sulfide; recharge and magma mixing; batch equilibration between olivine and sulfide at variable silicate-sulfide ratio (R) and olivine/liquid ratio; and subsequent equilibration during trapped liquid crystallization in orthocumulates. Baselines for Ni in olivine in relation to Fo content are somewhat lower in orogenic belt settings relative to intrusions in continental Large Igneous Provinces (LIPs). This is probably related to differences in initial parent magma compositions, with plume magmas generally forming deeper and at higher temperatures. No clear, universal discrimination is evident in Ni in olivine between ore-bearing, weakly mineralized and barren intrusions even when tectonic setting is taken into account. However, sulfide-related signals can be identified at intrusion scale in many cases. Low-R factor, low-tenor sulfides are associated with low-Ni olivines in a number of examples and these cases stand out clearly.