Founded in 1972,[1] it soon became one of the best teams from a rural area, also representing the home village of former dictator Nicolae Ceaușescu and arguably receiving "extra help" to reach Divizia A and remain there.

The first coach was Gabi Stoicescu, former player of the Progresul București and the squad included players such as the goalkeeper Mircea Ciubotea, Petrescu, Radu Gheorghe, Roșca, Sevastian Cârstea, Dima, Trantescu, Bobei, Petre Petre, Voichin, Toma, Pleșa, Chelban, the strikers Ion Vîlceanu, Stîrcu and Lucian Martinescu.

New players are brought to the team such as goalkeeper Ion Anghel from Sportul Studențesc, C. Mincu, Nucu Păun and Gheorghe Șoarece, a player who would become the symbol of the team,[4] from Dinamo Slatina, Lăcătușu and Mehedințu sent by Dinamo București, Gh.

It is well known an episode from the last round of the 1978–79 Divizia B season, when to succeed promotion on goal difference, they defeated Electrodul Slatina with 18–0, it also says that at that game, Dumitru Dragomir, the president of the club at that time, brought out both teams from the showers on the field to score a few more goals, that after he misunderstood the result of the other match.

[5] However, after the fall of the communist regime, the club lost its main support and was excluded from championship, the same thing happened with the other clubs which were supported by the communist regime, like Victoria București (police team) or Flacăra Moreni (securitate team) since then, FC Olt did not manage to play at a higher level than Liga II.