In 1938 Olympiacos achieves the biggest distinction made from a provincial team at the time, succeeding to enter the final eight in Greek Football Cup.

However, the team ultimately managed to arrive in the Greek capital city and even eliminated AEK by beating them 0–1 and go further to the quarter-finals.

This was followed by a fourth and a second place in the two next seasons, before Olympiacos eventually managed to get promoted to the top flight in 1966, after winning the Panthessalian championship and then defeating Panelefsiniakos and Kavala on play-offs.

Despite this, the club promptly managed to recover from that, and get back to the top flight in the very next season after winning Veria in a two-legged play-off.

In the following season, the club ended in 14th place, which would normally have allowed Olympiacos Volos to stay in the first division; nevertheless the Greek federation decided to reduce the number of top-flight teams, thus being relegated to the second tier.

In the year 1975–76 Olympiacos ended in third place and even eighth the next season, the latter being the worst placement for the club from the creation of B' Ethniki.

In 1988–1989, the team was strengthened with the addition of Hungarian scorer Imre Boda, who won the league topscorer title, being instrumental in keeping his side into the top flight, ending season in 11th place.

However, also the team competing in Delta Ethniki continued to exist as Ethnikos Olympiacos Volos FC.

Therefore Olympiacos qualified for the Europa League for the first time in their history, becoming the first team from the city of Volos to ever take part in a European competition.

However on 28 July 2011, Olympiacos Volos was relegated to the Football League due to the ongoing match fixing scandal in Greece.

[8] Unlike Kavala, which accepted participation in 2011–12 Delta Ethniki,[9] Olympiacos Volos did not, waiting for a decision on their appeal against the EEA.

[10] They claimed the EEA's decision had been a violation of the self-administration of football, and on 4 November 2011 they appealed to the Court of Arbitration for Sport in Lausanne.

Furthermore, on 28/07/2011 Ilias Solakis scored the last goal in a 3-0 away win against FC Differdange 03 becoming the oldest Greek scorer ever in a European competition at the age of 36 years and 6 months.

That was a record previously held by AEK legend Mimis Papaioannou who had managed to score at the age of 36 years and 2 months, back in 1980.

The club owned a training football ground in Alli Meria Volos which was confiscated by the state due to debts.

Today, relieved from the past's debts and thanks to new property, constructed a new training center in Volos' suburb of Aisonia.