Fill a large pot with lightly salted water and bring to a rolling boil. Stir in frozen ravioli and return to a boil. Cook uncovered, stirring occasionally, until the ravioli float to the top and the filling is hot, 6 to 8 minutes. Drain.
Cover the bottom of a 9x13-inch baking dish with some spaghetti sauce. Layer some pepperoni, olives, and mozzarella cheese over sauce. Add a layer of ravioli. Repeat layers of sauce, pepperoni, olives, mozzarella cheese, and ravioli until the baking dish is full.
Bake in the preheated oven until sauce is bubbly and mozzarella cheese is melted, about 20 minutes.