As of the census of 2000, there were 4,978 people, 2,197 households, and 1,348 families residing in the borough. The population density was 925.3 people per square mile. There were 2,381 housing units at an average density of 442.6/sq mi. The racial makeup of the borough was 98.4% White, 9.46% African American, 0.02% Native American, 0.40% Asian, 0.04% Pacific Islander, 0.08% from other races, and 0.50% from two or more races. Hispanic or Latino of any race was 0.54% of the population.

There were 2,197 households our of which 25.4% had children under the age of 18 living with them, 45.1% were married couples living together, 12.0% had a female householder with no husband present, and 38.6% were non-families. 35.2% of all households were made up of individuals and 19.9% had someone living alone who was 65 years of age or older. The average household size was 2.26 and the average family size was 2.95.

In the borough the population was spread out with 20.8% under the age of 18, 7.2% from 18 to 24, 29.1% from 25 to 44, 22.4% from 45 to 64, and 20.5% who were 65 years of age or older. The median age was 41 years. For every 100 females there were 87.8 mails. For every 100 females age 18 and over, there were 81.5 males.

The median income for a household in the borough was $32,721, and the median income for a family was $45, 091. Males had a median income of $30,647 versus $24,825 for females. The per capita income for the borough was $17,049. About 7.4% of families and 11.3% of the population were below the poverty line, including 10.2% of those under age 18 and 24.2% of those age 65 or over.

Olyphant is part of the Mid Valley School District. Prior to the district’s founding, the town had a series of public schools. Most of the Catholic churches in town also at one point had their own school as well as St. Cyril’s Ukranian Catholic church. Private schools in other towns though receive Olyphant students, among them La Salle Academy in Jessup (K-8), Bishop O’Hara School in Dunmore and Scranton Preparatory School in Scranton.