Teresa Olabuenaga was born in Mexico City and earned a master’s degree in management of educational centers at the city's Universidad Anáhuac and a degree in communication with a specialty in cinema from the Universidad Iberoamericana. Olabuenaga has had more than 125 exhibitions in museums and galleries in Mexico, the United States, Bulgaria, Poland, Japan, the Philippines, Brazil, Colombia, Chile, Argentina, Ecuador, Uruguay, Venezuela, Cuba, Germany, Italy, Spain, and the Netherlands.
Olabuenaga has won national and international awards and distinctions. In 2016, she received the distinction of Artistic Creator for the National System of Art Creators of the Mexican Ministry of Culture in the category of painting. In 2001, Olabuenaga received the Joyce De Guatemala Artist-in-Residence Grant to design and create a series of limited-edition offset lithographs at Brandywine Workshop and Archives.