How to execute logic on Optional if not present?

I don't think you can do it in a single statement. Better do:

if (!obj.isPresent()) {
    logger.fatal(...);   
} else {
    obj.get().setAvailable(true);
}
return obj;

For Java 8 Spring offers ifPresentOrElse from "Utility methods to work with Optionals" to achieve what you want. Example would be:

import static org.springframework.data.util.Optionals.ifPresentOrElse;    

ifPresentOrElse(dao.find(), obj -> obj.setAvailable(true), () -> logger.fatal("Object not available"));

With Java 9 or higher, ifPresentOrElse is most likely what you want:

Optional<> opt = dao.find();

opt.ifPresentOrElse(obj -> obj.setAvailable(true),
                    () -> logger.error("…"));

Currying using vavr or alike might get even neater code, but I haven't tried yet.

You will have to split this into multiple statements. Here is one way to do that:

if (!obj.isPresent()) {
  logger.fatal("Object not available");
}

obj.ifPresent(o -> o.setAvailable(true));
return obj;

Another way (possibly over-engineered) is to use map:

if (!obj.isPresent()) {
  logger.fatal("Object not available");
}

return obj.map(o -> {o.setAvailable(true); return o;});

If obj.setAvailable conveniently returns obj, then you can simply the second example to:

if (!obj.isPresent()) {
  logger.fatal("Object not available");
}

return obj.map(o -> o.setAvailable(true));