After the discovery of the New World, the land that became Olmsted Falls was originally part of the French colony of Canada (New France), which was ceded in 1763 to Great Britain and renamed Province of Quebec. In the late 18th century the land became part of the Connecticut Western Reserve in the Northwest Territory, then was purchased by the Connecticut Land Company in 1795.
In 1806, the vast tract of land comprising present-day Olmsted Falls, North Olmsted, and Olmsted Township was purchased for $30,000 by Aaron Olmstead, a wealthy sea captain.
The Olmstead Falls school system educates students from Olmsted Falls, parts of Columbia Station, part of Berea, and from neighboring Olmsted Township. There are five schools in the school system, Early Childhood Center, Falls-Lenox Primary School, Olmsted Falls Intermediate School, Olmsted Falls Middle School, and Olmsted Falls High School. The school colors are blue and gold, and their mascot is an English bulldog. The Olmsted Falls School District has recently been nationally recognized for teaching.
In December 2000, The Bulldog football team won the Ohio High School Athletic Association Division II State Championship, defeating Piqua 21-0 at Paul Brown Tiger Stadium in Massillon.
The Lady Bulldog volleyball team won the State Championships in 2008.
The Girls Cross Country team won the State Championships in 1980, 1981, and 1987.