The OL&B has been a staple of Nebraska since 1903, when it was originally founded. It was used as an interurban railroad in order to connect Lincoln with Omaha to the northeast and with Beatrice to the south. It has been in working operation since 1905 and carried over 378,000 passengers in Lincoln the first year alone. Despite the amount of effort, the plan to link the three cities was not accomplished. The line kept to its tracks in order to carry passengers until 1928 when that service was ultimately discontinued.
A year later in 1929 NEBCO purchased OL&B and revived the line in order to haul freight between University Place and 14th and X Streets. They then built interchange tracks with other rail lines near 17th and Holdredge Streets to further the line's productivity.
Today the line has grown to be a Class III switching railroad that interchanges cars from the Union Pacific and Burlington Northern Santa Fe railroads to industries such as Ag Processing, Inc., ADM Farmland, Snyder Industries, Lincoln Lumber Company and Ready Mix Concrete Company.