"We don't have a ban on non-traditional sexual relations between people," Putin told a group of volunteers who will be working at the Games.
"We have a ban on the propaganda of homosexuality and paedophilia," Putin said in televised comments from host city Sochi, with three weeks to go until the event.
"We don't ban anything and we won't arrest anyone," he said. "Therefore you can feel calm, relaxed. But leave children alone please."
The president's comments, reiterating a stance that suggests homosexuals prey on young people, were unlikely to appease critics of the ban.
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United States President Barack Obama has pointedly announced he was sending an Olympic delegation that includes several openly gay sports figures, among them tennis legend Billie Jean King.
A senior cleric from the Russian Orthodox Church, which is closely allied to Putin, this month called for a national debate on returning a Soviet-era law repealed in 1993 that criminalised gay sex.
Putin answered tersely that he did not design the uniform, the report said.