Its main industry was coal mining, and the town expanded greatly during the 1960s and 1970s. A miner died in a demonstration at the mine during the miners' strike in 1984. The mine finally closed in 1994. The land around the mine has been reclaimed and is to be redeveloped as an ecologically sustainable "village".
Ollerton Watermill was built in 1713 on the River Maun. It was worked commercially until 1984. It was restored in 1993.
Ollerton Town has a local football team, Ollerton Town F.C.