Presumably, the town's name arose from the old German name Albert (Albernhaw, Alberthau, Albernhau, Albretshain).

In 1906, the beautiful art deco Concert and Ball Hall "Tivoli" was inaugurated.

In 2002, one of the worst Flöha floods in history destroyed parts of the town centre and many houses on the river's banks.

Thanks to many private donations from all over Germany, most of the enormous damages (amounting to several million Euros) was repaired within one year.

Among the town's major sights are: Snuggled in the Flöha Valley with its six sub-valleys, Olbernhau offers scenic views and paths for hiking and winter sports.