Olympic Aviation was created on 2nd August 1971 to take over the operations of the light aircraft and helicopter division of Olympic Airways, with Alexander Onassis appointed as President.
It expanded to provide an airline service between mainland Greece and various Greek islands inaccessible to the larger aircraft in the parent company (Olympic Airways) fleet, using types such as the BN-2 Islander and Short Skyvan.
In 1984 a number of 19-seat Dornier 228 were introduced, replacing the Islanders & Skyvans.
Finally in 1999 Olympic Aviation purchased three Boeing 717, their first jet aircraft.
The three Boeing 717 aircraft were leased to serve some of Olympic Aviation's European flights, based at Makedonia Airport of Thessaloniki.