The department was founded in 1988 and they play their games at the 1000-seated Papastrateio "Petros Kapagerof" Pool in Piraeus.

[10] Olympiacos lifted the LEN Euro League title undefeated and having won 8 straight matches without even a single draw.

[12] In 2021 Olympiacos won their second LEN Euro League title in Budapest, beating home teams UVSE (9–8 in the semi-final) and Dunaújvárosi (7–6 in the final) with a roster composed entirely of Greek players.

In 2022 Olympiacos were crowned back-to-back European Champions in Piraeus, beating UVSE (18–11 in the semi-final) and Sabadell (11–7 in the final).

[15][16] Some of the greatest players in the world (many of them Olympic medalists and World Champions) have played for Olympiacos over the years including: Iefke van Belkum, Alexandra Asimaki, Yasemin Smit, Lauren Wenger, Ashleigh Southern, Bronwen Knox, Roberta Bianconi, Giulia Emmolo, Kami Craig, Jordan Raney, Triantafyllia Manolioudaki, Alkisti Avramidou, Eleftheria Plevritou, Margarita Plevritou, Chrysi Diamantopoulou, Vaso Plevritou, Nikoleta Eleftheriadou, Stavroula Antonakou, Ilektra Psouni, Angeliki Karapataki, Antonia Moraiti, Evi Moraitidou, Anthoula Mylonaki, Dimitra Asilian, Eftychia Karagianni, Maria Kanellopoulou, Christina Tsoukala, Eleni Xenaki, Ioanna Stamatopoulou, Kyra Christmas, Brigitte Sleeking, Kyriaki Liosi, Patricia del Soto, Blanca Gil, Barbara Bujka, Ágnes Valkai, Vaso Mavrelou, Maria Balomenaki, Ann Dow, Camila Pedrosa, Sun Yating, Eszter Tomaskovics, Maria Tsouri and Assel Jakayeva.