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The Norwegian capital is a strong candidate after Western European rivals in Switzerland and Germany opted not to run and Stockholm pulled out shortly after bidding. Public unease over the price and environmental impact of the Games put them off.
"Maybe the cost, the investment in Sochi, have frightened them a little bit," said Gerhard Heiberg, a Norwegian member of the International Olympic Committee (IOC) as he presented the bid.
Russia has spent more than $50 billion on the Olympics and related plans to turn the Black Sea resort of Sochi into an all-year round tourism destination.
Heiberg said Norway, a wealthy country where skiing is a sporting passion, could guarantee a compelling Games.
The IOC will decide on the 2022 venue next year, giving the host time to build facilities. Other bidders are Beijing, the Polish city of Krakow, Lviv in Ukraine and Kazakhstan's Almaty.