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The village was called Olimbi after mount Olymbos on which it was built and is bounded by Sarakinos, Palamides and Mallidies Mountains.

Olimbi was built in the 13th century during the Era of Palaeologus Dynasty [Constantine, the last Byzantine emperor who was killed in the final defense of Constantinople against the Ottoman Turks and his brothers Theodore and Thomas. It is one of the remaining medieval villages that survived the 1881 earthquake.

The Olimbi village, located in the southwest part of Hios, belongs to the Municipality of Mastichohoria, covering an area of 13 million square meters. It is 32 kilometers from the town center and 8 from the Mesta port.
It is bounded by the Pyrgi village, in the east, at an 8-km distance, the Mesta village, in the west, at a 3-km distance and the Elata and Potamoi villages, in the north, at an 8-km distance. Aggelia, Hondri Anmmos, Kato Fana and Ayia Dynami, the well-known beaches of the area form Olympi's south border.

The Churches of Olympi

1. Aghia Theodossia: the smallest and most long-standing church in the village. It was built in the 12th century.
2. Aghia Paraskevi: lying at the center of the village. It was built in the middle of 13th century. Its invaluable woodcut temple carved in the 10th or 11th century is preserved till present time.
3. Aghios Georghios: built in 1866. It lies in the northern part of Aghios Georghios village.
4. Aghios Nicolaos: built in 1850. It lies in the northern part of Aghios Nicolaos village.
5. Taxiarchis Gavriel: built in 1708. It lies next to Aghia Paraskevi.
6. Stavros: built in 1857 at the entrance of the village.