Part of a stretch of shield volcanoes in Oregon with an unusually low elevation, meaning they have undergone less erosion over time than surrounding volcanic centers, Olallie has been excavated by glacial erosion on its northeastern flank. Its central volcanic plug has also been exposed. Comparisons of its morphology with Mount Jefferson suggest an age for the butte between 70,000 and 100,000 years; there is no evidence that it has erupted within the past 25,000 years. Olallie Butte has a steep, conical shape that serves as a transitional morphology between steep, mafic (rich in magnesium and iron) volcanoes like Mount McLoughlin and Mount Thielsen and flatter, mafic shields. It is made of basaltic andesite.