The 20-year-old, who is equally comfortable on the wing, was part of the FOSROC Scottish Rugby Academy and follows in the footsteps of fellow graduates Ross Thompson and Rufus McLean in sealing pro deals with the Warriors.
Smith came through the youth ranks at Marr then played for hometown club Ayr in the Tennent’s Premiership and Ayrshire Bulls in Super6.
He made his Glasgow debut when he came off the bench in the closing stages of the 23-22 victory over Edinburgh at Scotstoun in January in the 1872 Cup.
“It’s a dream come true for me to sign for a club I’ve supported since I was young,” Smith said. “I grew up watching Glasgow play at Firhill and I was there in Belfast the day they won the Pro12 final.
“I’m extremely grateful that my job is to now play rugby full-time - I’ve played this sport since I was seven years old and for it to be now my sole focus is amazing.”
Danny Wilson, the Glasgow head coach, added: “It’s great to be able to retain another promising Scottish back three. Ollie is another young player with a lot of talent and promise. He had a number of strong outings during last year’s Under-20 Six Nations and has impressed in our environment this season.”
Smith scored a try double against New Zealand in the 2019 World Rugby U20 Championship in Argentina and was then an ever-present for Scotland in their 2020 U20 Six Nations campaign, scoring again in the 52-17 win over Wales in Colwyn Bay.