Olympia was formed in 1960 as "The Grecians", and for the most part of their history have been predominantly represented by players of ethnic Greek background.

In October 2009 after a revamped new Board, newly elected President George Mamacas started making immediate changes to the ailing club.

They reverted to their former ethnically-affiliated name 'Olympia', and added the epithet 'Warriors', as well as adopting a new logo featuring a Spartan warrior's helmet also replacing the 50-year-old shield with a map of the island State of Tasmania to further celebrate the Greek Australian heritage.

This decision was made ahead of the club's fiftieth anniversary celebrations, and taken with the full blessing of Football Federation Tasmania.

[1] Olympia have been one of the more successful Tasmanian club, winning the State Championship on seven occasions, although they have struggled to emulate the glory of the 1960s.