The club was founded on April 1, 1929. The club was promoted to the first division, the REMA 1000-ligaen, in the 2008/2009 season. Former international Preben Vildalen was also a member of the promoted team. The team debuted in the elite series on September 26, 2009, defeating Runar Sandefjord 27–24 at home. They finished fourth in 2010 and 2011. In the 2012/2013 season, the team moved from the Nedeneshallen sports hall to the new Sør Amfi. On 30 December 2014, ØIF won the Norwegian Cup after defeating Bodø HK 23–22 in the final. ØIF won the Norwegian League in 2015, 2016 and 2019.