Built of grey stone in the Romanesque style, Drevs gamla kyrka consists of a rectangular nave with a chancel and apse to the east. It served as the parish church until 1868, when a new combined church for Drev and Hornaryd was completed nearby. Even before that, in 1831, Bishop Esaias Tegnér had already declared the building too small and cramped during a diocesan visitation.
After the parish moved to its new church, the old building was left empty and fell into disrepair for more than fifty years. Its sacristy, porch and timber bell tower, added in the 18th century, were pulled down and sold off during this period of neglect. Restoration efforts began in the early twentieth century and continued through the 1940s and 1950s, saving one of the notable medieval churches of the Värend district. A new freestanding bell tower was erected in 1958 on the far side of the road, and two old church bells rescued from the ruin were later moved to the newer Drev-Hornaryd church, one of them bearing a runic inscription.
Inside, wall paintings dating from 1624–26 decorate the triumphal arch with scenes from the Passion and a depiction of Saint George and the dragon, while the chancel walls carry a frieze of the apostles. In the apse, earlier seventeenth-century paintings are partly overlaid by later decoration from 1751 attributed to Johan Christian Zschotzscher, including an striking image of two trees flanked by lists of rulers and bishops, and symbolic figures painted on the galleries.//These murals give the plain stone interior an unexpectedly rich character.
Among the furnishings are a stone altar with a relic cavity, a triumphal crucifix dated to the first half of the 13th century, and fragments of a medieval Saint Olof shrine showing his entombment. A Madonna figure and a statue of Saint Olof, both said to date from the 13th century, survive alongside a fully enclosed pew arrangement from 1652 and a Baroque pulpit of 1702 decorated with images of Christ and the four evangelists. Double galleries from 1697, one traditionally reserved for women and the other for men, still stand at the west end.
The church has occasionally been used as a filming location, including for a screen adaptation of Pär Lagerkvist's novel Gäst hos verkligheten, which included a burial scene shot inside the building.