[3] The range is composed of sandstones, siltstones and andesitic tuffs with granodiorite intrusions.

[3] The Oloy Range was first mapped in the summer of 1870 by topographer P. Afonasiev who was part of the 1868 - 1870 East Siberia expedition of Baron Gerhard von Maydell (1835–1894) and astronomer Karl Karlovich Neyman (1830s–1887).

[4] The Oloy Range rises in the northernmost sector of the Kolyma Highlands System.

The Oloychan valley forms the northern boundary, while the eastern limit is not clearly delimited.

Another important peak is 1,787 m (5,863 ft) high Mount Snezhnaya, rising in the eastern section.