OLS football team was founded in 1941 by clubs bandy players. Throughout the years the club has played mostly in lower divisions, never competing in the highest tier of Finnish football except as a part of short lived merger with OTP called FC Oulu in the early 1990s. The most successful part of OLS is the youth academy which has produced many national team level players. Men's football team earned promotion to Kakkonen (the third tier of Finnish football) for 2014 season.
OLS have won the Bandyliiga play-off to become Finnish champions 16 times the first was in 1970 and the most recent title was in 2014. OLS has won the Finnish championship in the following years: 1970, 1975, 1976, 1977, 1979, 1982, 1983, 1984, 1986, 1990, 1991, 2001, 2003, 2008, 2009, and 2014.