[2] It was founded in 1635[1] as an ostrog by the Cossacks led by Pyotr Beketov, sited on the left bank of the Lena opposite the mouth of the Olyokma River.

During World War II, an airfield was built here for the Alaska-Siberian (ALSIB) air route used to ferry American Lend-Lease aircraft to the Eastern Front.

The town is notable for a number of surviving pre-20th century wooden architecture, including the Alexander Nevsky Chapel (1891) and Cathedral of Our Savior (1860).

Although summers are similar to republic capital Yakutsk, winters are less severe courtesy of the lower latitude.

As a result, Olyokminsk is rare for the Sakha Republic cities in that it has recorded above-freezing temperatures during January and February.