Named after the Mexico Olympics of 1968, the Olympic was introduced in 1969 to replace the Super Florida. Its design was similar to the Junior in many respects, albeit that the sides were painted in transparent varnish.

The last wooden motorboat to be designed by Cantieri Riva, the design of the Olympic did not evolve over time, and all boats were the same length, 6.55 metres. Although it continued to be produced until 1983, the majority of the 274 production run was built prior to 1975. Nearly all Olympic boats carried 220 or 270 hp Riva badged engines.