When Ole Pedersen was born in 1720, in Østermarie, Bornholm, Denmark, his father, Peder Olsen, was 38 and his mother, Karen Jensdatter, was 35. He married Anne Jensdatter on 29 October 1746, in Åkirkeby, Bornholm, Denmark. They were the parents of at least 2 sons and 6 daughters. He died on 9 February 1781, in Åkirkeby, Bornholm, Denmark, at the age of 61, and was buried in Østermarie, Bornholm, Denmark.