Not entirely, as some doctors point out that irrigating your ears with olive oil can cause side effects, such as skin irritation, allergic reactions, itching, dizziness, and outer ear infections. There is also some medical research on the topic. A 2013 study, for example, found that while olive oil drops do help loosen up the earwax, it actually also increases the amount of earwax you produce, which makes the very procedure kind of counter-productive.
An earlier paper from 2010, on the other hand, found that while using olive oil to clean away earwax was more effective than no treatment, it’s much less effective than prescription ear drops intended for irrigation. In the end, using olive oil is considered safer than using Q-tips to remove excess earwax. But remember that it’s not necessary to do so and it’s arguable if olive oil is even beneficial, as it may make you produce more earwax. If you want to learn how to use this method, follow this link to find a detailed explanation.
Also, keep in mind that people with a ruptured eardrum and children should never use this method or any other liquid to clean their ears unless otherwise advised by a doctor.