Speaking to ITV's Lorraine on Friday, Rachel explained: "I think Olivia is one of the greats, I think she's a national treasure, I think she's incredible. I think there is nothing she can't do.
Rachel Weisz described Olivia Colman as a "national treasure"
"She can be heartbreaking and funny and absurd and scary and warm and sexy. I'm a massive, massive fan."
Rachel is married to another acclaimed actor, James Bond star Daniel Craig, but she says she won't be joining him on the red carpet at the Spectre premiere. "I won't be on the red carpet no, my husband will be otherwise engaged with some other women."
She also spoke proudly of Daniel's charity work, telling Lorraine Kelly that he is taking some time away from filming to act as an Ambassador for the United Nations.
Rachel said she won't be attending the Spectre premiere with husband Daniel Craig
"He is working for the UN right now, working as an Ambassador for clearing land mines so he's doing something different right now."
While she may pull out all the stops for her red carpet appearances, wowing in a metallic Lanvin maxi dress at the Youth premiere on Thursday, Rachel has insisted her day-to-day life is anything but glamorous.
"A Hollywood lifestyle, what is that?" she asked. "What's a Hollywood lifestyle? I don't know, I don't live in Hollywood, I'm from North London. I don't want to pop the bubble of the dream but the red carpet is you get hair and make-up, get lent a dress and you live in a fantasy for half an hour.
"No one looks like that or lives like that."