The main sports arena of Ukraine was opened in 1923. Over its long history, the stadium has repeatedly changed its name and been reconstructed. It received its modern name after Independence of Ukraine, in 1996.

In 1980, during Summer Olympic Games, a football tournament was held at the stadium. The Euro-2012 football championship was another significant event for Olimpiyskiy. The capacity of the stadium totals 70,050 spectators, which makes it one of the largest sports arenas in Eastern Europe. Olimpiyskiy is the venue for home matches of football clubs Dynamo, Shakhtar and the national football team of Ukraine. After the renovation between 2008 and 2011, the stadium got its modern look thanks to a glass façade and a canopy made of a translucent synthetic membrane that covers 100% of the seats. Concerts of world stars and famous Ukrainian performers are also often held here.