Olympic was founded in the early 1950s by the local
Greek community of Canberra. Formally the name Olympic was decided in a General Meeting of players and committee members in 1956 with the alternative name AEK losing out in the vote. Olympic have won the ACT top division league (premiership) on seven occasions under the names Canberra Olympic, Olympic and Downer Olympic. The most recent title was the
NPL Capital Football premiership in
2017. In addition to this, Olympic have won six grand finals (championship). The most recent being
2016 NPL Capital Football Grand Final, defeating
Canberra FC 3-0 at
Deakin Stadium in front of 2,782 people. In 1980, as Downer Olympic, the club won their closest premiership ahead of Croatia Deakin (now Canberra FC) by one goal. After 21 games both clubs finished on 32 points and had scored 53 goals with Olympic claiming the title on the back of their superior defence with the side conceding only 16 goals compared to Deakin's 17. Canberra Olympic have succeeded in winning the premiership and championship 'double' three times in the club's history in 1993 1994 and 2016. In 1993, Olympic won the premiership by three points ahead of Southern Cross while they beat the same opposition in the grand final on penalties 8-7. In 1994, Olympic finished first in the league ahead of
Tuggeranong United while they beat Tuggers in the grand final 3-1. In 2016, Canberra Olympic won the premiership by three points ahead of Cooma FC, while they beat Canberra FC 3-0 in the Grand Final. On 18 June 2016, Canberra Olympic qualified for their first
FFA Cup with a 3-1 victory over
Cooma FC in the
2016 ACT Federation Cup final, played at Deakin Stadium. Canberra Olympic advanced to the
2016 FFA Cup semi finals as the last remaining NPL club in the cup that year, before being defeated by A-League side
Sydney FC 3-0 at Viking Park in front of a ground record 5,581 crowd. On the way to the semi-finals Olympic advanced past
Surfers Paradise Apollo SC 1-0 (round 32),
Redlands United FC 2-0 (round 16) and
Green Gully SC 1-0 (quarter finals) at Deakin Stadium. In 2017, Canberra Olympic won the premiership by 11 points ahead of the FFA Centre of Excellence, only losing one game during the regular season. In 2017, Canberra Olympic qualified for their second successive FFA Cup with victory over Tuggeranong FC in the 2017 ACT Federation Cup final, played at Deakin Stadium. Canberra Olympic lost their
2017 FFA Cup Round of 32 play off to
Sorrento FC in Perth 1-0. In 2025 the Canberra Olympic FC First Grade Mens side won the CPL Mens Grand Final defeating ANUFC. ==Club identity==