He survived a shootout with police in 1878 that saw him, his brother Dan, and friends Joe Byrne and Steve Hart slapped with an 8,000-pound bounty -- the largest reward ever offered in the British Empire -- for anyone who found them, dead or alive.
Over the next 18 months, the Kelly Gang held up country towns and robbed their banks, becoming folk heroes to the masses.
In a final gunbattle at Glenrowan, three of the gang members died and Kelly, dressed in home-made plate metal armour and helmet, was wounded and arrested.
Photos of his skeletal remains clearly show a bullet hole in one of his leg bones.
Olver, who supplied the DNA, said he was relieved to finally have some closure.
"It's such a great relief to finally have this side of the story resolved," he told reporters, adding that he hoped a suitable resting place could be found for his colourful relative.
"A place of dignity, a place very appropriate. Where that is will be determined later," he said.
Victoria Police, meanwhile, issued a statement saying that while Kelly's life was "one of Australia's most iconic cultural stories", people should remember he "murdered three police officers in the course of their duty."