The O1 Visa is a non-immigrant visa, which means that if you receive it, you will only be able to stay in the US for a limited period of time. The initial duration of the O-1 Visa is three years but it can be extended. There is no limit to the number of times the O-1 Visa can be renewed.
The O1 Visa does not directly lead to permanent residence in the US. Nevertheless, it is a dual intent visa. That means that once you hold it, you have the right to apply for a US Green Card if you meet the eligibility criteria.