The stadium was dedicated on March 21, 1978, and is named in honor of C. E. "Pat" Olsen, a 1923 graduate of Texas A&M University and a former baseball player in the New York Yankees minor league system.

In 2004 Sports Illustrated on Campus ranked Olsen Field "the best college baseball venue."

Olsen Field underwent a major renovation that began on June 7, 2011, funded in part by donations from the owners of Blue Bell Creameries, based in nearby Brenham.

Some new features of the stadium included an expanded concourse and concessions area, luxury suites, a new press box, club seating, two grass berms, expanded locker rooms and coaches offices, a student athletic center, and extended seating closer to the field.

[3] On April 13, 2024, a new post-renovation attendance record was set, with 8,075 watching the Texas A&M Aggies defeat the Vanderbilt Commodores by a score of 9-0.