Jon Bain led St. Olaf with 22 points in the loss.
Augsburg led 43-33 at the half, and by as many as 19 in the second frame. The Oles cut the advantage to 11 twice in the last five minutes and had the ball, but could not get closer.
The Auggies were 7-of-14 from three while the Oles were just 4-of-16.
First year Bobby Hunter and Mark Bergstrom added 11 points apiece for the Oles in the loss.
Justin Graff and Marcus Gholson had 17 and 14 points for Augsburg.
St. Olaf (3-1, 0-1) plays at Saint John's University in Collegeville, Minn. Saturday at 3 p.m.