Oleh Kovalenko was born on February 5, 1980 in the town of Lokhvytsia, Poltava region. He graduated from Kharkiv University of Air Force named after Ivan Kozhedub, Kirovohrad Flight Academy of the National Aviation University.

He was a regular counterintelligence officer who defended the territorial integrity of Ukraine. He held positions from operative to deputy head of a unit. He had eight lifetime awards.

Lieutenant Colonel Kovalenko died on February 16, 2016 while performing a combat mission in Donetsk region in the ATO area.

He was buried with military honors in his hometown.