The club was founded in 1967 and currently competes in the National Premier Leagues Queensland, with home matches played at Goodwin Park.

In 2013, Olympic FC was awarded a licence to compete in the inaugural Queensland National Premier Leagues season, a recognition of the club's stature in the state.

In the competition's inaugural 2013 season, Olympic secured a league premiership with two rounds remaining, defeating Moreton Bay United 3–1.

Olympic FC then secured a victory over Brisbane City 3–3 (3–0) on penalties in the NPL Queensland Grand Final at Goodwin Park.

The club qualified in 2014, progressing to the Round of 16 before losing narrowly to the Central Coast Mariners, an A-League, professional side.