Club Olimpia is a Paraguayan professional sports club based in the city of Asunción. It promotes the practice of various sports, with most importance given to the football, rugby and basketball sides, football being the most successful.

Founded in 1902, the club's name stems from the idea of its principal founding member, William Paats, a Dutchman based in Paraguay, who is considered the father of Paraguayan football.Internationally, the club is referred to as Olimpia Asunción in order to distinguish it from other Latin American football clubs of the same name.

Olimpia has won a record 47 Primera División titles to date, including a unique record run of winning the league six consecutive times. The only Paraguayan club to win a CONMEBOL title, Olimpia has won three Copa Libertadores — and has been runner-up four times — as well as two Recopa Sudamericanas, one Intercontinental Cup, one Copa Interamericana, and one Supercopa Sudamericana, a competition it won automatically in 1991. In 1979 it achieved the \"quadruple\", the rare feat of winning all possible official titles on offer that year: the Paraguayan championship, the Copa Libertadores, the Copa Interamericana and the Intercontinental Cup. They have also never been relegated.

Olimpia contests the Paraguayan football derby (clásico) with Cerro Porteño, the \"clásico añejo\" (Old Derby) with Guaraní, and the \"black and white derby\" with Libertad.

The football team plays its home games at the Estadio Osvaldo Domínguez Dibb, also known as \"El Bosque\" (The Forest) and \"Para Uno\". Basketball and other sports, have their own sports centre named after former president Osvaldo Dominguez Dibb as well, in the same site as the stadium in the Mariscal López neighborhood.