Old may apply to either actual or merely relative length of existence. Having lived or existed for a long time Old is the most general term
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Ancient pertains to the distant past
I think this cheese is old, judging by the smell of it.
Old (comparative older or elder, superlative oldest or eldest or (us, dialectal) oldermost) of an object, concept, relationship, etc., having existed for a relatively long period of time You use old to refer to something that is no longer used, that no longer exists, or that has been replaced by something else The old road had disappeared under grass and heather. Old synonyms, pronunciation, spelling and more from free dictionary.
There are eight meanings listed in oed's entry for the noun old, two of which are labelled obsolete See ‘meaning & use’ for definitions, usage, and quotation evidence. Far advanced in the years of one's or its life. See examples of old used in a sentence.
Far advanced in the years of one's or its life
Of or pertaining to the latter part of the life or term of existence of a person or thing
