Olmaliq FK was founded in 2004 and is successor of Metallurg Olmaliq, club which played in Soviet Second League in 1966–69 and 1987–88. Olmaliq FK initially played under name OTMK Olmaliq and started to play in the Uzbekistan First League. The club finished sixth in its first season in the conference East. In the 2007 First League season OTMK Olmaliq finished 7th and were admitted to the Uzbek League after 2 clubs withdrew for financial reasons.
In January 2009, Igor Shkvyrin was appointed as head coach of Olmaliq. Olmaliq, in its debut season in 2008 Uzbek League, finished 10th. One year later, in the 2009 Uzbek League season, the club finished 4th in the league which is the club's best performance in League. The club changed its name to Olmaliq FK in 2009. In 2013 season club finished at 5th position.
Olmaliq FK played plays its matches at the Metallurg Stadium. Metallurg Stadium was built in 1960 and holds 11,000 spectators. In 2011 club started with building of new modern 12.000-all-seater stadium, Olmaliq Stadium located not far from Metallurg Stadium. The sporting complex also includes indoor courts for volleyball, handball, basketball, kurash and outdoor and indoor tennis courts. The construction works were finished in February 2014. The old stadium remains and will be renovated.
The opening ceremony of the stadium was held on 16 March 2014 with the first official of 2014 Uzbek League match Olmaliq-Metallurg Bekabad ended with 3:2 win of Olmaliq FK.
On 27 May 2014 Olmaliq Stadium hosted the first international match, friendly match Uzbekistan – Oman ended with score 0:1.