Ole Ishøy, the son of Axel Rasmussen and his wife Inger Margrethe Ishøy, was a student of Agnes Rehni and graduated from the Private Theatres' School at the Det ny Teater in 1957.
He participated in Vasa seminars and went on study trips to Stockholm, London, Berlin, and Paris, and later further educated himself at the State Theatre School. He made his debut on February 3, 1956, as Sebastian in "Helligtrekongersaften" at the Folketeatret in Copenhagen.
He had engagements at the Andelsteatret, Illum's touring company, Odense Teater from 1964 to 1968, Ålborg Teater, Gladsaxe Teater, Fiolteatret, Det ny Teater, Det Danske Teater, and was affiliated with the Folketeatret for a few years before becoming a freelancer.
On TV, he appeared as Finn in "Frk. Mathilde" and as Frederik in "Pelikanen". He also had film roles, including "Ekko af et skud" and several foreign productions. In addition to his work as an actor, he was also a director and teacher at drama schools.
Many performances passed through his hands, and he was involved in various theater genres, from revue to tragic theater. Among his last assignments were the staging of Bjarne Reuters "Det skøre land" for Fiolteatret and the performance of the role of emcee in the Danish version of the musical "Cabaret".
Ole Ishøy was married to Birgit Ishøy, born Wagner, and later divorced.