In 1864 it received its name; the namesake was the military leader Olaf Rye.
The park has a bust monument of Eilert Sundt, raised in 1892, and a fountain was added some years later.
[2] Already in 1875 Johan Cordt Harmens Storjohann took the initiative to raise a gospel hall adjacent to the park; it was converted to a school in 1880, a church between 1917 and 1938, and later a women's hostel until 1985.
The theatre was reconstructed and expanded in the years 1918–1922; upon the reopening it had its name changed to Parkteatret.
[3] The Olaf Ryes plass tram stop on the Grünerløkka–Torshov Line of the Oslo Tramway serves the park.