The club formed in 2013 amid the heightened interest in football on Gibraltar, after the territory was admitted to UEFA that year. In their debut season in the Gibraltar Second Division, they finished 3rd and narrowly missed out on promotion. However, the club failed to improve on their debut season as a 7th place finish followed in 2014–15, a 5th place finish in 2015–16 and a 6th place finish in their final season under English manager Gary Turner-Bone.
The summer of 2017 saw significant changes at the club as it was taken over by Nigerian businessman Sunday Adeleye, who also owns DSS F.C. of the Nigeria National League. Aside from establishing a link between the two clubs with young players transferring between DSS an Olympique, the newly re-branded club hired Scottish manager Lewis Fraser and completely overhauled the squad, bringing in several players from his old club Angels F.C. along with assistant manager Steven Gallagher. The club’s ambitions were made clear with the signing of 3 former international players throughout the 2017–18 season, including goalkeeper Jordan Perez and striker Robert Montovio in the summer, and Lincoln Red Imps attacker Kyle Casciaro in January 2018.