Posting on Instagram on Monday night, Olivia said they had decided to go their separate ways.
"There has always been a lot of love in our relationship and there will continue to be as we transition into friendship," she said.
"We have nothing but love and respect for one another, and no one is to blame for the end of this relationship. Simply a case of 'almost perfect'.
"We hope you all can please show compassion as we navigate this privately."
The split comes after Olivia and Jackson rented a place together in NSW's Central Coast following their MAFS journey.
The news also comes as a surprise as they were pictured on social media together celebrating on the weekend.
The relationship has not always been smooth sailing, with Olivia jetting overseas in recent weeks after Jackson was pictured kissing another girl at a Melbourne bar.
In May a photo surfaced on social media of Jackson kissing Melbourne woman Hannah Hughes.
"It was last night, I’d gone out with some girlfriends to dance and have some fun," the 20-year-old told Yahoo Lifestyle after it occurred.
"My friend pointed him out, so we approached him and had small talk. Olivia was not there, I’m fairly sure she left prior to me arriving. The kiss was innocent, a two-way street. It wasn’t anything more than that.
"Jackson seems like a nice guy and I have nothing bad to say on his behalf at all."
Olivia, who was portrayed as the villain in MAFS, has been open about her mental health struggles since the show aired earlier this year.
She spoke out saying that she was "suicidal" but did not want to take her life as she didn't want Jackson to come home to that.
The star did tell Yahoo Lifestyle that she was feeling "a lot more out of the woods", but losing Jackson may have a big impact on Olivia.
Mental health support for yourself or a loved one can be found by calling Lifeline on 13 11 14, Mensline on 1300 789 978, or Kids Helpline on 1800 551 800. Online support is available via Beyond Blue.
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