Town grew from 1880s site where early cattlemen gathered herds for branding and forming trail outfits. The name honors Richard Olney, Secretary of State in Grover Cleveland's cabinet. Today, it's a commercial center for agricultural, ranching and petroleum activity. Excellent hunting during seasons for dove, quail, migratory waterfowl, wild turkey and white-tailed deer; day and seasonal leases available. Water sports include swimming, boating and fishing on small Lakes Cooper and Olney a few miles northwest.

An unusual park that appeals to adults features artistic groupings of pole structures on Ave. C just east of Main St.

On occasion, buffalo can be seen from the highway rest area off Texas 114, eight miles east of Olney.