Fudbalski Klub Olimpik Sarajevo, sometimes known more simply as FK Olimpik, was first established in 1993, in the middle of the Bosnian war. As a result, they were one of the first football teams established in independent Bosnia. Over the years, the club have bounced up and down between the top tier and the lower tiers of the league system on a fairly regular basis. Their name is a reference to the fact that Sarajevo hosted the Winter Olympics in 1984 and the team are nicknamed Vukovi, which translates to 'The Wolves'.
After initially competing in the canton of Sarajevo, Olimpik Sarajevo became a member of the First League of Bosnia and Herzegovina ahead of the 1994-95 season. However, in the 1995-96 season, the team finished in 15th place and were relegated. They gained promotion and returned at the first attempt, but suffered a second relegation at the end of the 1997–98 campaign.
In the years that followed, the club bounced up and down between the first and second tier, before suffering relegation to the third tier in 2003–04. After securing promotion back to the second tier in 2007–08, Olimpik Sarajevo were able to finish as league winners in 2008–09 and return to the top flight, which was now known as the Premier League of Bosnia and Herzegovina. Since reaching the Premier League, the team have been able to establish themselves in the division and achieved three consecutive 5th place finishes in 2010–11, 2011-12 and 2012-13.
Some of the team's most notable alumni include Zajko Zeba, Almir Gredić and Vedran Ješe.
Olimpik Sarajevo's home matches are played at the Stadion Otoka, which first opened back in 1993. The venue underwent a renovation process in 2010, in order to modernise the facilities, expand the capacity and bring the stadium in line with UEFA's standards. It is currently able to hold a maximum of 5,000 spectators.