[2] Zeus olympius was first described scientifically 1987 by David Minter and Stephanos Diamandis, based on collections made by the latter from Greece's Mount Olympus.

The generic and specific epithets refer to the king of the gods in Ancient Greek mythology, who is said to have lived on Mount Olympus.

[2] Based on physical characteristics, Zeus produces fruit bodies that are most similar to Colpoma, Therrya, and Coccomyces, all genera in the order Rhytismatales.

This exposes the fertile layer (hymenium), which is an orange- to golden-coloured angular or circular disc ranging from 0.2–5 mm in diameter.

[2] Zeus olympius is known only from the type locality in Greece, at an elevation of about 1,300 metres (4,300 ft) on Mount Olympus, as well as from the Pirin and Slavyanka Mountain in Bulgaria.