The surface reflectance, i.e., satellite derived top of atmosphere (TOA) reflectance corrected for the temporally, spatially and spectrally varying scattering and absorbing effects of atmospheric gases and aerosols, is needed to monitor the land surface reliably. For this reason, the surface reflectance, and not TOA reflectance, is used to generate the greater majority of global land products, for example, from the Moderate Resolution Imaging Spectroradiometer (MODIS) and Visible Infrared Imaging Radiometer Suite (VIIRS) sensors. Even if atmospheric effects are minimized by sensor design, atmospheric effects are still challenging to correct. In particular, the strong impact of aerosols in the Visible and Near Infrared spectral range can be difficult to correct, because they can be highly discrete in space and time (e.g., smoke plumes) and because of the complex scattering and absorbing properties of aerosols that vary spectrally and with aerosol size, shape, chemistry and density. This paper presents the Landsat 8 Operational Land Imager (OLI) atmospheric correction algorithm that has been developed using the Second Simulation of the Satellite Signal in the Solar Spectrum Vectorial (6SV) model, refined to take advantage of the narrow OLI spectral bands (compared to Thematic Mapper/Enhanced Thematic Mapper (TM/ETM+)), improved radiometric resolution and signal-to-noise. In addition, the algorithm uses the new OLI Coastal aerosol band (0.433–0.450μm), which is particularly helpful for retrieving aerosol properties, as it covers shorter wavelengths than the conventional Landsat, TM and ETM+ blue bands. A cloud and cloud shadow mask has also been developed using the “cirrus” band (1.360–1.390 μm) available on OLI, and the thermal infrared bands from the Thermal Infrared Sensor (TIRS) instrument. The performance of the surface reflectance product from OLI is analyzed over the Aerosol Robotic Network (AERONET) sites using accurate atmospheric correction (based on in situ measurements of the atmospheric properties), by comparison with the MODIS Bidirectional Reflectance Distribution Function (BRDF) adjusted surface reflectance product and by comparison of OLI derived broadband albedo from United States Surface Radiation Budget Network (US SURFRAD) measurements.