Grybauskaitė gave the athletes Lithuania's national flag that will be carried during the opening ceremony in Pyeongchang, the president's office said.
The team also promised to hoist the tricolor at the Games Village on Feb. 16, when the modern state of Lithuania will celebrate its centennial.
Lithuania is sending a nine-strong team to Pyeongchang, including four biathlonists, three cross-country skiers and two alpine skiers.
This year's Olympic Winter Games will bring together around 3,000 from 95 countries. A total of 102 medal events across 15 sports will be contested in the Pyeongchang,