The 1992 Albertville Games marked Loob's first Winter Olympic appearance. He averaged one point per game in eight games, including four goals, for the fifth place Swedes. He returned two years later for the 1994 Winter Olympic tournament at Lillehammer, Norway. Loob scored nine points in eight games, and Sweden met Canada for the gold medal. The game went into overtime tied at 2–2, and after that failed to decide the contest, the gold medal was decided for the first time in Olympic history by a shootout. The shootout went seven rounds, until Peter Forsberg scored the winning goal for Sweden. By virtue of winning the Olympic gold, Loob joined teammates Mats Naslund and Tomas Jonsson to become the first three members of the Triple Gold Club as winners of a Stanley Cup championship, a World championship and an Olympic championship. Loob was inducted into the International Ice Hockey Federation Hall of Fame in 1998.