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.

Some unexpected events on a street catch everybody present there by surprise. The movie is about how the characters there, react to the incidents taking place.