The department was founded in 1926 and their home ground is the Melina Merkouri Indoor Hall in Agios Ioannis Rentis, Piraeus.

In 2023, they won the CEV Challenge Cup, beating rivals Panathinaikos in the semi-finals and Maccabi Tel Aviv in the final.

Given the fact that Olympiacos is the most popular sports club in Greece,[2][3][4][5][6][7][8] the men's volleyball department also receives great home support.

Apart from some top Greek players such as Marios Giourdas, Giorgos Ntrakovits, Sakis Moustakidis, Vasilis Kournetas, Antonis Tsakiropoulos, Kostas Christofidelis, Mitar Tzourits, Olympiacos has also attracted over the years some foreign world-class players including Ivan Miljković, Lorenzo Bernardi, Jeff Stork, Marcos Milinkovic, Bengt Gustafsson, Raimonds Vilde, Vasa Mijić, Tom Hoff, Goran Vujević, Henk-Jan Held, Osvaldo Hernández, Fabian Drzyzga and Dragan Travica.

[10][11][12] Volleyball legend Karch Kiraly, Hall of Famer and three times Olympic gold medalist, a key member of il Messaggero Ravenna at the time, talked about the 1992 CEV Champions League Final in a 2018 interview: "That particular CEV Champions League Final Four in Piraeus was really a very special experience.

[17][18] In 2018 Peace and Friendship Stadium lived once again some of its timeless glory, as an estimated 12,000 Olympiacos fans created an extraordinary atmosphere in the final of the 2017–18 CEV Challenge Cup against Bunge Ravenna.