Around 650 BC refugees from Pieria, hunted by the Macedonian army, settled in the area. The Persian army destroyed the town in 479 BC and offered the region to their allies from Evia (Halkida). Later on, Olynthos joined the Athenian Alliance and then the Community of Halkida (Evia). From this alliance, the town gained great profits (mainly financial). So, it became the capital of the Euboan colonies in Halkidiki and was able to support a huge army (about 20.000 soldiers).

During the Peloponnesian War the area grew more, had its own monetary unit and provided protection to all the Euboan refugees in Greece. When the Macedonian State faded, the army of Olynthos conquered its territories and reached the ancient town of Pella (389 BC). In 382 BC, after a three-year-long siege, the Spartans captured the town and destroyed the Euboan Community. Nevertheless, the town quickly recovered and became wealthy and powerful again. In 348 BC the Macedonian Army, under the command of Philip II, conquered it and destroyed it. The town was never again inhabited and its destruction is remembered as one of the darkest moments of the entire ancient world.