Founded in 1906 (although its birth is traditionally traced back to 1905),[4] it was refounded in 2010 following the exclusion decreed by the Federal Council of the FIGC due to bankruptcy for financial reasons.

Terranova, where the boys, led by coach-player Salvatore Satta known as "Menelik", obtained their first historic promotion to Serie C by winning the Sardinian First Division thanks to the goals of top scorer Flavio Piras and the other members of the team formed by: Spano A., Jodice, Piccaredda G.M., Dejana, Satta, Pulina, Piro C., Picciaredda F., Piras, Crola and Careddu, Aloia, Pittalis.

After the period of inactivity, the turning point came at the end of the 1951–1952 Sardinian First Division with the arrival of Italian world champion Gino Colaussi.

After winning the group F of Serie D, the club returned to the professional ranks after an absence of twenty years thanks to the goals of Benvenuto Misani, Selleri and the saves of Bettella.

It changed management and name after the coming of the Brescian entrepreneur Franco Rusconi, who took over the club in 2007, leading it to good results in Serie C2 and reaching the playoffs in 2008–2009.

After three seasons in the top regional division and a bankruptcy in 2010, and thanks to the restart in Eccellenza with a group of former players and Pino Scanu as president, Olbia returned to Serie D. In the 2014–2015 Serie D, the club went close to promotion to the Lega Pro, finishing in 3rd place after Lupa Castelli Romani and Viterbese, losing with the latter the play-off final in the G group.

On 30 November 2015, after five years that Pino Scanu taking the club back to Eccellenza after financial problems, Alessandro Marino was appointed as the new president.

Marino was a professor of strategy at LUISS University until the previous year in the CDA of Cagliari and vice president of the Fluorsid.

The Olbia thus detached the ticket for the play-off that won with authority by conquering the fields of Grosseto (semi-final) and Torres (final).

[16] On 4 August, following the decisions taken by the Federal Council of the FIGC, Olbia was officially reinstated in Lega Pro group A, thus returning to play a third-level after 38 years.

[18] The choice of the name Olbia was part of a period of rediscovery and vindication of local identity, as exemplified by the birth of clubs such as Amsicora and Eleonora d'Arborea in Cagliari, Tharros in Oristano, SEF Torres 1903 or Iosto in Sassari.

[20] The club's coat of arms, changed over the years, has always been characterised by the trireme ship and island of Tavolara, part of the municipality of Olbia in the Gallura sub-region.

Although more suited to modern marketing canons, the coat of arms has met with disapproval from a fringe of fans as it deviates from past traditions.