Originally named Leverett Park, in 1900 it was renamed to honor its designer, Frederick Law Olmsted.

Olmsted, who had made a reputation designing New York City's Central Park, suggested in 1880 that the swampy and brackish Muddy River be included in Boston's park plan.

Beginning in 1890, the river was dredged into a winding stream, a large swamp converted into Leverett's Pond, and Ward's Pond was connected with a small outflowing stream.

Riverdale Parkway, originally designed as a carriage road, was transformed into a bicycle and pedestrian path in 1997–98.

In 2006, Brookline restored Olmsted's "Babbling Brook" (a section of the Muddy River in the park),[4] resetting stones, clearing out invasive knotweed, defining the streambed, and replanting trees and shrubs to inhibit future invasives growth.