The parish of Ölserud has medieval roots, and at least two earlier churches are known to have stood roughly two kilometres east of the current site: a medieval stone church, later replaced by a timber church that tradition says burned down after being struck by lightning. The present church, built of horizontal log timber, was raised between 1663 and 1668, reportedly funded by Admiral Clas Uggla of the nearby manor of Averstad. It comprises a rectangular nave with a narrower, three-sided chancel to the east and a tower to the west, with a sacristy added beside the chancel.
The building has been reshaped considerably over the centuries. Repairs and extensions in the 1760s added a porch and brought ceiling paintings by Hans Georg Schüffner, while the roof covering was changed from wood shingles to slate in the 1850s. The most dramatic transformation came in 1881, when the church porch was absorbed into the nave, the old north sacristy was removed and replaced within the chancel, the ceiling paintings were lost beneath a new coved wooden ceiling, and the church took on its current external appearance, with the tower rebuilt and the walls clad in white-painted horizontal panelling.
A further restoration in 1953, led by architect Erik Fant, altered the sacristy screening and refreshed the interior panelling, along with introducing electric heating, lighting and bell-ringing. The altarpiece seen today, depicting the Road to Emmaus, was painted by Olle Hjortzberg and installed as part of this mid-twentieth-century restoration.),replacing what had gone before. Among the furnishings, a wooden sculpture of the angel Gabriel is said to date from the eighteenth century, and the octagonal pulpit is in a late-classical style without a sounding board. The timber font, marbled and clover-shaped, dates from 1959.
The church has had at least three organs: an initial instrument from 1863, a 1882 organ by Anders Gustaf Pettersson of Älvsbacka (now kept in the tower), and the current mechanical organ built in the mid-1960s by Tostareds Kyrkorgelfabrik.