Historically, it has been the largest settlement in the town of Minerva. Today, it has its own post office and Minerva Central School is located there. One of two stations of Minerva Fire & Rescue is also located in Olmstedville. Community still remains as a largest hamlet in the town.
Olmstedville was the home of Wesley Barnes who as a member of the New York State Assembly, sponsored the resolution creating the New York State Forest Preserve in 1885. It was also home to Francis Donnelly who at the time of his death in 1980 was the longest continually serving town elected official in the United States having served as the Town of Minerva Supervisor and as that town's representative at the county level for 46 years.