The village, which arose from the Olyshansk fortress of the Samara defensive line in 1741, is located 20 km from Buzuluk on the Olyshanka River, a left tributary of the Samara River, from which it got its name. The fortress was founded in 1738 under Prince Vasily Alexeyevich Urusov. Until 1905, the village was called Olydanka. Later, the designation "first" was added to distinguish it from Elshanka second, founded in the Buzuluk district in 1794 by Chuvash settlers. In 1824, a brick church was built in the village in the name of the Nativity of Christ, which the locals called the Christmas Church in Olyshanka. The sound of its bells could be heard even in Buzuluk. Soon, a zemstvo parish school was opened at the church. The church stood until the mid-20th century, after which it was closed. In 1957, a rural secondary school was placed in its building, and after a new building for the school was constructed, the church was demolished. In 2013, a memorial cross was erected on its site, and the parish was reestablished.