In the following season, the club ended in 14th place, which would normally have allowed Olympiacos Volos to stay in the first division; nevertheless the Greek federation decided to reduce the number of top-flight teams, thus being relegated to the second tier. In the year 1975–76 Olympiacos ended in third place and even eighth the next season, the latter being the worst placement for the club from the creation of B' Ethniki. In 1977 the club had a much more impressive season, losing the promotion only in the final game to Larissa. Third and sixth place in the two following seasons preceded a 1980 campaign ended in a runner-up placement, only behind Iraklis Thessaloniki; a result that was confirmed the following season, where Olympiacos Volos lost promotion to Makedonikos, another Thessalonicean club.