Olney is located south of Wichita Falls at the intersection of Hwys 132, 114, 251, and 79 and Farm roads 210 and 3329, in north central Young County.
Olney had a population of 3,872 in 1960; 3,624 in 1970, when the town supported 116 businesses; and 4,060 in 1980. Olney is an agribusiness center and manufactures apparel, recreational vehicles, aluminum products, rubber hose, and agricultural airplanes. It has an airport, a hospital, a library, and a nursing home.
In 1990 the population was 3,519.