Yes, OLIVES is a Scrabble word!

Letter values in Scrabble US: O 1, L 1, I 1, V 4, E 1, S 1.

Is it a valid word?

OLIVES is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

small ovoid fruit of the European olive tree; important food and source of oil
evergreen tree cultivated in the Mediterranean region since antiquity and now elsewhere; has edible shiny black fruits
hard yellow often variegated wood of an olive tree; used in cabinetwork
one-seeded fruit of the European olive tree usually pickled and used as a relish
a yellow-green color of low brightness and saturation

Also: european olive tree, olea europaea.