The third Olympiakos championship came in the 1970–71 season with Englishman Rod Bradley as the manager, the team finished in first place with 31 points compared to 27 of runner up Digenis Morfou.

In 1971 Olympiakos won the Paligenesias cup that was organised by the Cyprus Football Association(KOP), defeating Nea Salamis Famagusta FC.

In this golden period, Olympiakos' managers were: Pambos Avraamidis, Giorgos Paletsios, Takis Papaxeniou, Eric Brookes and Rod Bradley.

Andreas Filotas, Varnavas Christofi, Nikos Theocharidis, Demos Flourentzou, Giorgos Hadjikonstantis, Dimitrakis Argyrou, Yiannis Xipolitas, Savvakis Constantinou, Michalakis Argyrou, Sotirakis Georgiou, Lakis Avraamidis, Markos Markou, Andreas Nicolaou (Lympoyris), Vasilis Fragkiskou (Katsis), Dimitriadis, Tasos Louka, Andreas Assiotis, Giorgos Kettenis, Panikos Efthymiades, Kostakis Pierides, Charalambos Partasidis, Giannos Pavlou, Takis Papettas, Kokos Michael, Nikos Mailos, Michalis Stavrou, Giorgos Aristeidou, Koullis Iliadis, Lakis Mitsidis, Panagiotis Prodromou, Giannis Serafeim were the footballers of the great successes of this period.

In 1977, Olympiakos Nicosia beat Alki Larnaca 2–0 to win the Cypriot Cup after two thunder bolts from local center half, captain and talisman George Aristidou.

Olympiakos Nicosia also played in the UEFA Cup (after finishing runner up in the Cypriot championship) in the 2001–02 season against the Hungarian team Dunaferr FC (drawing 2–2 in Nicosia and scoring a 2–4 away win, the first for the club in Europe) and proceeded to the next round of the Uefa Cup to play against Club Brugge of Belgium and was eventually eliminated.

With Papavasiliou at the helm the team improved and entered the play-offs for promotion to the Cypriot First Division after finishing third at the end of the regular season.

Olympiakos showed good attacking football in the 2010–2011 season, easily avoiding relegation and having qualified for the Cup quarterfinals.

Papavasiliou received an offer from Apollon Limassol after 2 games in charge of Olympiakos and was released from his contract by mutual consent.

The club was relegated, for a fourth time in its history, on the last day of the 2012–2013 season, finishing third from bottom, while being level on points, but was demoted due to the inferior head-to-head record with Nea Salamis Famagusta FC.

Chairman Petros Savva resigned and Manager Marios Constantinou left making way for old Olympiakos Nicosia defensive midfielder Costas Seraphim.

The young Olympiakos players such as forward Giannis Mavrou and goalkeeper Constantinos Panagi stepped up to fill in the places in the starting line up.

The new Manager was ex Olympiakos attacking midfielder Goran Petkovski and the new chairman was Marios Mavrikios, an ex press spokesman of the club during the early 2000s.

On 24 July the contract with Chrysis Michael was terminated by mutual consent and ex-captain Nikolas Nicolaou took over as caretaker manager until 12 August 2016 when Savvas Paraskeva took over the helm.

FIFA had imposed an embargo on signing new players over 18, so the club had to compete in the first division with its existing squad until January.

In the 2019–2020 season Seraphim and Tornaritis, with the club returning to the First Division, re- hired Pambos Christodoulou as manager.

Pambos renewed the contracts of central defender Nani Soares from Guinea-Bissau, Cypriot defensive midfielder Andreas Pachipis, Portuguese winger Rogerio Silva, defensive midfielder Evgenios Antoniou, Venezuelan forward Jose Romo and Cypriot left back Constantinos Samaras.

The contracts of Guinea-Bissauan central defenders Sambinha and Nani Soares were renewed, as well as Cameroonian winger Fabrice Kah.

Giannis Petrakis left the club in November, for Apollon Limassol after receiving an offer against the buyout clause in his contract.

Moreover, he also led the club to the first cup final in 30 years where Olympiakos lost 2–1 to Anorthosis Famagusta during the extra-time period.

In addition, the club has signed the Spanish defender Eneko Boveda, Senegalese centre back Modou Diagne and Ghanaian defensive midfielder Alhassan Wakaso.

The target was to maintain the historic club, in the top 6 of the league and match the cup final achieved last season, with the ultimate aim of European qualification.

Kyriakos Polycrapou took over as caretaker manager and immediately improved the club achieving a win and a draw against PAEEK Kyrenias and Ethnikos Achna.

After bad results Petrakis was replaced in October 2022 with Makis Sergides who improved the club's performance and reached the semi-finals of the cup.

In the 2024–2025 season, Petros Petrou the Director of football and vice President Costakis Seraphim, decided to rebuild the squad from nearly scratch, keeping only two Cypriot players: midfielder Filippos Eftychidis and central defender Andreas Frangeskou.

The budget however, is less than half of the previous season and the emphasis is on signing Cypriot players and a few Portuguese foreigners, as a special collaboration with an agent was achieved.

Traditionally Olympiakos was supported by residents of the inner old part of Nicosia within the Venetian Walls, the attendance at home games peaked in the late 1960s and early 1970s when fans from all over Cyprus would attend Olympiakos home games at the old GSP stadium filling it to its 12,000 capacity, especially when the club participated three times in the Greek First Division.

Also the Turkish invasion spelt economic problems for the club and the fact that it was located in an inner city area next to the green line only made things harder.

It could be said that the club did not transition well from the era of amateur to semi-professional football in Cyprus beginning in the early 1980s mainly for the reasons mentioned above.

In general Olympiakos supporters tend to be of an older age and very rarely engage in trouble with other fans unless severely provoked.