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The co-host of the ITV talent show made a very big gaffe on Sunday (15 November) night’s live results show when he announced Monica Michael would be leaving the competition, instead of taking the judges’ vote to Deadlock.
The error caused Twitter to go into meltdown, with many calling for the return of previous host Dermot O’Leary, who left the show earlier this year.
Speaking about the backlash to The Mirror, Olly said: "I think you need to put it in perspective with everything that's going on in the world.
“At the end of the day, I made a single mistake at a critical point in ‘X Factor’ which was massively blown out of proportion."
Olly, who hosts the show with Caroline Flack, also hit out at suggestions his blunder proved that the show is fixed, as Monica did actually end up being sent home.
Surprisingly, he managed to escape a roasting from boss Simon Cowell, revealing: "I was expecting a telling off if I'm honest but I didn't get one which was nice.
"I saw everyone after, I saw Monica, I saw all the judges and said I was so sorry and let myself down."
Following her elimination, Monica backed Olly over his mistake, admitting she felt for him.
“God knows what he was told in his ear. Obviously there was some sort of miscommunication and crossed wires along the way,” she said.
“I actually felt really sorry for him, because he didn’t mean to do it, and he kept saying, ‘sorry, I’m so sorry, I’m so sorry’.”
Dermot also tweeted Olly his support, saying: “Hey @ollyofficial Ahoy my friend. Keep that head up. Happens to us all. Didn't see the show tonight, but live TV is a tricky old beast at times."
‘The X Factor’ continues on Saturday at 8pm on ITV.
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