[1] The settlement is located on the right bank of the Southern Bug, about 3 kilometres (1.9 mi) from the river.

In 1961, a construction of a big cement plant started.

[3] In 1968, Hryhorievka Cement Plant was renamed Olshanske, to commemorate Konstantin Olshansky, a Hero of the Soviet Union, and it was granted urban-type settlement status.

[3][4] On 26 January 2024, a new law entered into force which abolished the status of urban-type settlement status, and Olshanske became a rural settlement.

[5] The settlement serves a cement plant which belonged to Dyckerhoff AG.