In 1846, John Campbell, John Peters, Madison Cole, William Clements, and J. L. Thompson purchased roughly 3,600 acres of land. John Campbell and John Peters constructed this iron furnace shortly after the land was acquired. The name Olive Furnace was chosen due to the fact that it was constructed near Olive Creek.

Originally, the primary owners were John Peters and John Campbell. John Peters was also the first iron master. John Campbell later joined with William N. McGugin to form the Campbell and McGugin Iron Works. In 1864, Samuel McGugin purchased John Peters interests. William McGugin then took over as the iron master. John Campbell and William McGugin bought out Samuel McGugin's interests after his death in 1870. During 1883, John Campbell sold his share of the company to William McGugin. The company then became known as the McGugin Ironworks. William successfully operated this iron furnace until he was no longer able to. Around 1907, his son, W. H. McGugin, became the final iron master.

This was the last operating charcoal iron furnace in Lawrence County. For the first ten years, Olive operated as a cold blast furnace. It was converted to hot blast in 1857.

Originally, this iron furnace had 2 Roman Arches. The remaining arch supported part of the charging house and the boilers. The back arch, which collapsed a long time ago, supported the weight of the charging house and the first smoke stack.

Runaway slaves were often ushered through the Hanging Rock Iron Region of Ohio. One African American, John Mathews, secretly lived at Olive Furnace. He helped numerous slaves escape through this area. John Campbell was a well-known abolitionist. He often concealed slaves at the iron furnaces that he owned or had an interest in.

The Mt. Olive Furnace Park Corporation is going to restore this iron furnace in the near future. From what I understand, it will be similar to the Buckeye Furnace, meaning that all of the original buildings will be reconstructed. This non-profit organization is depending on grants and donations to make this a reality. If you would like to help, you can send a check or money order to the address below.