Zyprexa (olanzapine) is an atypical antipsychotic medication used to treat schizophrenia and manic episodes of bipolar disorder. Zyprexa available in generic form known as olanzapine, and may be taken orally or by injection.ur Zyprexa Side Effects Drug Center provides a comprehensive view of available drug information on the potential side effects when taking this medication. This is not a complete list of side effects and others may occur. Call your doctor for medical advice about side effects.