Olappeeppi portrays the story of an ordinary Malayali family and the changes in the socio-economic scene in Kerala from 1970's to the 2000's . As the name suggests, its about colours of the past, taking us to that era along with a boy named Unni and his grandmother.

The lives of a vedic scholar Pattabhiramagiri and his family come under threat after a godman and his goons try to displace him from his centuries-old ancestral home as part of building an ashram. The “curse” that befalls Pattabhiraman in the face of opposition leaves him broken, till a mysterious ally lends him his support. Their fight against the evil forces forms the rest of the plot.

Three cousins, Arjun, Divya and Kannan, relocate to Bangalore for various reasons. However, they face many challenges which change their lives forever.