Olympia, officially Archaia Olympia, is a small town in Elis on the Peloponnese peninsula in Greece, famous for the nearby archaeological site of the same name. The site was a major Panhellenic religious sanctuary of ancient Greece, where the ancient Olympic Games were held every four years throughout Classical antiquity, from the 8th century …Olympia, officially Archaia Olympia, is a small town in Elis on the Peloponnese peninsula in Greece, famous for the nearby archaeological site of the same name. The site was a major Panhellenic religious sanctuary of ancient Greece, where the ancient Olympic Games were held every four years throughout Classical antiquity, from the 8th century BC to the 4th century AD. They were restored on a global basis in 1894 in honor of the ideal of peaceful international contention for excellence.