The club won their only national championship in 2000. Their achievement made them the first club outside of Quito and Guayaquil to win a national championship. They have also won two Serie B titles in 1994 and 2003. Internationally, they have played in the Copa Libertadores four times, reaching the Round of 16 once in 2002.
Founded in 1919, Olmedo is the oldest club in the Serie A or Serie B. Their home stadium is the Estadio Olímpico.
Their biggest rivals are Macará with whom they contest the Clásico Interandino.