Olmos Park was developed in the 1920s as an exclusive suburb of San Antonio, which completely surrounds it. The city occupied the site where Camp John Wise was built in 1917. Camp John Wise was a US Army balloonist training site. The camp shut down in 1919 when the balloonist training was moved to nearby Brooks Field.

Sometimes confused with the City of Olmos Park, Olmos Park Terrace, was developed by the same developer a few years later in the 1930s as part of his larger Olmos District development and borders Olmos Park's western edge. Olmos Park Terrace was designated a San Antonio Historic District on Oct. 4, 2007.

Most residents of Olmos Park are zoned to the Alamo Heights Independent School District. Schools serving Olmos Park include Howard Early Childhood Center in San Antonio, Cambridge Elementary School in Alamo Heights, Alamo Heights Junior High School in San Antonio, and Alamo Heights High School in Alamo Heights.

A small portion of Olmos Park is served by the San Antonio Independent School District.

The Hannah Landa Memorial Library of the San Antonio Public Library, located in the Monte Vista Historic District in Midtown San Antonio, serves Olmos Park.