The meaning of Olly has more than one different etymologies. It has same or different meanings in other countries and languages. The different meanings of the name Olly are: 1  English meaning: Elf army.2  Latin meaning: Olive.If you know more meanings of the name and you would like to contribute click here to submit another name meaning). The different meanings of the name Olly are: The meaning of the name “Olly” is different in several languages, countries and cultures and has more than one possibly same or different meanings available.