The homeland of the philosopher Aristotle, Ancient Stageira, is only 500 meters away from Olympiada and it was founded by people from Andros around 655 BC. During the Olynthian War, Philip II destroyed Ancient Stageira and rebuilt it, after Aristotle’s intervention, who later became the teacher of his son, Alexander the Great. Aristotle died in 322 BC in Chalkida and his body was transported to Ancient Stageira, where he was buried with honours and he was declared "ikistis" (coloniser, founder of the city). An altar was built over his tomb and "Aristotelia", a festival in honour of the philosopher was instituted, for which efforts are being made to revive it today.
Olympiada, the mother of Alexander the Great, after the death of her son, was exiled by Cassander to Ancient Stageira, or according to other sources in Kafkanas (or Kapros), an island opposite Olympiada village. To honour her, the port of Ancient Stageira and current Olympiada were named after her.
Mining has always been the occupation of the inhabitants of the region. Since the years of the Byzantine Empire and during the Turkish occupation, the mines of Mandemochoria have known periods of prosperity.
After the uprooting of 1922, the inhabitants of Agia Kyriaki of Asia Minor, home of the writer Menelaos Lountemis, settled in current Olympiada, influencing the place with strong cultural elements of their Asia Minor origin. In honour of the history and the inhabitants, the statue of Aristotle and the bust of Menelaus Lountemis have been erected in the central square of Olympiada.