Creating a blog page is easy. Olinia is using native Blog settings. Just create a new page for blog and set it as "Posts page" under Settings >> Reading section. See screenshot given below:
Now start creating new posts by going to "Posts" section
Olinia theme supports 10 post formats. You will see all Post Formats as tabs to select. If you can't see tabs than please install CF Post Formats plugin. Here are list of all supported post formats with details:
Olinia theme supports two, three and four column view of Blog via templates. Just select the template and it will show Posts in box view.
Here are details of each templates