Olavum Theeravum is a retelling of the 1970 classic of the same name, directed by PN Menon. MT Vasudevan Nair scripted the film based on his story of the same title, which was published in 1957.

In Priyadarshan's film, Mohanlal is playing the lead role of Bapputty, essayed by Madhu in the original film. Hareesh Peradi and Mammukoya are also part of the cast.

The upcoming anthology also has films directed by Santosh Sivan, Shyamaprasad, Rathish Ambat, Mahesh Narayanan and MT Vasudevan Nair's daughter, Aswathy V Nair.