Klaus Ostwald took part in the Olympic Games in 1980 and 1984, but did not achieve a top placement there. On January 31, 1982, he won his first World Cup competition by jumping on the Gross-Titlis-Schanze in Engelberg. In the same year he was able to win his only individual title at GDR championships from the large hill. His greatest success was winning the world title in ski flying at the 1983 World Ski Flying Championships in Harrachov . With his six valuation jumps - the worst jump of the three rounds was deleted - he achieved a total of 1051 points, relegating world record holders Pavel Ploc (1045.5) and Matti Nykänen (1043.5) to their places. With the GDR team he was second in team jumping at the Nordic World Ski Championships 1984 in Engelberg , and third at the 1985 Nordic World Ski Championships in Seefeld . After Ostwald held the record of 121 meters on the Oberhofer Schanze am Rennsteig , today's Hans-Renner-Schanze , between 1978 and 1981, he set a new record in 1984 with 127 meters, which was to remain in place until 1995. Shortly afterwards, Ostwald won the friendship tournament . At the Four Hills Tournament he was second in 1983/84 and third in the overall ranking in 1984/85 .
His coaches were Jürgen Wolf and Herbert Leonhardt. In 1987 he ended his career. Ostwald has been running a summer toboggan run in Mühlleithen near Klingenthal (Vogtland) since the 1990s .