Olympic air started their operations in their present form from the year of 2003, 12 December. Olympic airlines were formed by the combination of  Olympic airways and Olympic Aviation flight operations which were handled by Macedonian Airlines, and the new air craft service was named as Olympic airlines and it was catering to charter flights only at that time.

The rings logo of Olympics is recognized by the whole world due to Olympic games, this logo was transferred to Olympic airlines along with the highly trained and experienced flight staff of Olympic airways and also Olympic Aviation was transferred to Olympic Airlines. The Olympic airways were established in 1957 on April 16th. It followed the acquisitions of TAE – Greek National Airlines. The very first fligh of Olympic airways was in operation at the time of dawn of that day. It operated from Athen airport of Hellinikon to the Thessaloniki, with the help of air craft DC-3 which was flown by Pavlos Ioannidis as Captain. This newly formed company had few number of air crafts in its pocket which included DC-4s, 15 Douglas DC-3s which were propeller – driven air crafts. The number of employees at this early stage of the firm was 865.

Soon after the first flight, Olympic airlines announced their order to get new latest air crafts, those were DC-68 Douglas. The new uniforms of the airline were designed by a French designer, Jean Desses. These uniforms had unique Greek touch to their tones, and the company was established among people as a symbol of good quality service and comfort.

In the year of 2007, on 18th of April Olympic airlines announced to extend their code share agreement with Cyprus Airways on the Thessaloniki which is Paris route along with the new route of Heraklion in Larnaca. In the same year, on 29th April a new service was launched which served flights to connect Northern and Southern Greece. The air craft used for this purpose was ATR-42 which took off from Thessaloniki and headed for Kalamata. With catering to this destination, Olympic airlines started serving 37 domestic routes. On May 16 of 2007, Olympic airlines were awarded with IATA operational safety audit (IOSA) which confirmed company’s continued progress in terms of flight safety and high quality services for passengers.
 
On 6th of June another Boeing 737 – 400 was added to the fleet of Olympic airlines. On the 5th of July, there was new agreement between American express and Olympic airlines which was used to convert the daily purchases of the regular passengers with free flights of Olympic.