Yes Olive Oil is indeed a good face moisturizer and I use olive oil on my face every few days to keep the moisture sealed in and prevent wrinkles as well.
You can also apply some coconut oil to your face which also helps reduce wrinkles and prevents your skin from drying out.
When applying some olive oil to your face you should wash your face off first and leave your face a bit damp and then apply the olive oil to your face.
Then massage the olive oil to your face and the olive oil will penetrate your skin of your face and help keep it moisturized.
My face hasn't dried out anymore as much since I began using olive oil on my dry skin and face.
You can also use olive oil as a natural hand moisturizer to help seal in moisture on your hands and prevent dry cracked skin on your hands.