Old English ald (Anglian), eald (West Saxon, Kentish) "antique, of ancient origin, belonging to antiquity, primeval; long in existence or use; near the end of the normal span of life; elder, mature, experienced," from Proto-Germanic *althaz "grown up, adult" (source also of Old Frisian ald, Gothic alþeis, Dutch oud, German alt), originally a past-participle stem of a verb meaning "grow, nourish" (compare Gothic alan "to grow up," Old Norse ala "to nourish"), from PIE root *al- (2) "to grow, nourish." The original Old English vowel is preserved in Scots auld, also in alderman. The original comparative and superlative (elder, eldest) are retained in particular uses.
The usual PIE root is *sen- (see senior (adj.)). A few Indo-European languages distinguish words for "old" (vs. young) from words for "old" (vs. new), and some have separate words for aged persons as opposed to old things. Latin senex was used of aged living things, mostly persons, while vetus (literally "having many years") was used of inanimate things. Greek geraios was used mostly of humans; palaios was used mostly of things, of persons only in a derogatory sense. Greek also had arkhaios, literally "belonging to the beginning," which parallels French ancien, used mostly with reference to things "of former times."
Old English also had fyrn "ancient," which is related to Old English feor "far, distant" (see far, and compare Gothic fairneis, Old Norse forn "old, of old, of former times," Old High German firni "old, experienced").
Meaning "of a specified age" (three days old) is from late Old English. Sense of "pertaining to or characteristic of the earlier or earliest of two or more stages of development or periods of time" is from late Old English. As an intensive, "great, high," mid-15c., now only following another adjective (gay old time, good old Charlie Brown). As a noun, "those who are old," 12c. Of old "of old times" is from late 14c.
Old age "period of life of advanced years" is from early 14c. Old Testament is attested from mid-14c. (in late Old English it was old law). Old lady "wife, mother" is attested from c. 1775 (but compare Old English seo ealde hlæfdige "the queen dowager"). Old man "man who has lived long" is from late Old English; the sense of "husband, father, boss" is from 1854, earlier (1830) it was military slang for "commanding officer;" old boy as a familiar form of address is by c. 1600. Old days "former times" is from late Old English; good old days, "former times conceived as better than the present," sometimes ironic, is by 1670s. Old Light (adj.), in religion, "favoring the old faith or principles," is by 1819.
"a featherless plantigrade biped mammal of the genus Homo" [Century Dictionary], Old English man, mann "human being, person (male or female); brave man, hero;" also "servant, vassal, adult male considered as under the control of another person," from Proto-Germanic *mann- (source also of Old Saxon, Swedish, Dutch, Old High German man, Old Frisian mon, German Mann, Old Norse maðr, Danish mand, Gothic manna "man"), from PIE root *man- (1) "man." For the plural, see men.
Sometimes connected to root *men- (1) "to think," which would make the ground sense of man "one who has intelligence," but not all linguists accept this. Liberman, for instance, writes, "Most probably man 'human being' is a secularized divine name" from Mannus [Tacitus, "Germania," chap. 2], "believed to be the progenitor of the human race."
Specific sense of "adult male of the human race" (distinguished from a woman or boy) is by late Old English (c. 1000); Old English used wer and wif to distinguish the sexes, but wer began to disappear late 13c. and was replaced by man. Universal sense of the word remains in mankind and manslaughter. Similarly, Latin had homo "human being" and vir "adult male human being," but they merged in Vulgar Latin, with homo extended to both senses. A like evolution took place in Slavic languages, and in some of them the word has narrowed to mean "husband." PIE had two other "man" roots: *uiHro "freeman" (source of Sanskrit vira-, Lithuanian vyras, Latin vir, Old Irish fer, Gothic wair; see *wi-ro-) and *hner "man," a title more of honor than *uiHro (source of Sanskrit nar-, Armenian ayr, Welsh ner, Greek anēr; see *ner- (2)).
Man also was in Old English as an indefinite pronoun, "one, people, they." It was used generically for "the human race, mankind" by c. 1200. As a word of familiar address, originally often implying impatience, c.1400; hence probably its use as an interjection of surprise or emphasis, since Middle English but especially popular from early 20c.
As "a woman's lover," by mid-14c. As "adult male possessing manly qualities in an eminent degree," from 14c. Man's man, one whose qualities are appreciated by other men, is by 1873. Colloquial use of the Man for "the boss" is by 1918. To be man or mouse "be brave or be timid" is from 1540s. Meaning "piece with which a game (especially chess) is played" is from c. 1400.
Man-about-town "man of the leisure class who frequents clubs, theaters, and other social resorts" is from 1734. Man of the world is from mid-14c. as "secular man, layman;" by early 15c. as "man experienced in the ways of the world, one able to take things in stride." To do something as one man "unanimously" is from late 14c.
So I am as he that seythe, 'Come hyddr John, my man.' 
MANTRAP, a woman's commodity. [Grose, "Dictionary of the Vulgar Tongue," London, 1785]
At the kinges court, my brother, Ech man for himself. [Chaucer, "Knight's Tale," c. 1386]