In 1958, saxophonist Harold Dejan, leader of the 2nd unit of the Eureka Brass Band, split off to form the current Olympia, reviving the historic name.

The band had a notable part in the 1973 James Bond movie Live and Let Die in which they play a band leading a funeral march and one of Bond's associates is assassinated during the march. Trumpeter Alvin Alcorn plays the knife-wielding "baby-faced killer".

In addition to playing for parades and parties, the band had a weekly gig at Preservation Hall on Sunday nights for many years. The band also toured Europe on numerous occasions and also toured Africa for the U. S. State Department. The band did a BBC radio broadcast for Queen Elizabeth's 25th wedding anniversary in 1972 while they were in London, and also played for Pope John Paul II on his visit to New Orleans.

The Olympia Brass Band was a training ground for a whole new generation of jazz musicians including clarinetist Joseph Torregano, saxophonist Byron "Flea" Bernard, drummers Tanio Hingle and Kerry Hunter, and trumpeters Kenneth Terry and "Kid" Mervin Campbell.