Olly is of Scandinavian origin, derived from the Old Norse elements 'alfr' meaning 'elf', and 'geirr' meaning 'spear'. It is a short form of names like Oliver or Olaf. The name Olly gained popularity in the late 20th century, often used as an independent given name rather than just a nickname. It has been most commonly used in English-speaking countries such as Australia, Canada, and the United Kingdom. In some cultures, Olly is also associated with elf lore due to its origin, adding a touch of whimsy and mystique to the name.
"The name Olly has seen a resurgence in popularity recently, with five births recorded each in 2019 and 2021, followed by six births in 2022, totaling twenty-one babies named Olly since 1925."