The incident took place sometime between 6.30pm and 7.30 pm on Tuesday last.
Two other houses were also broken into in the area around the same time, however, nothing was stolen.
Gardaí in Kells are appealing for anyone who may have noticed any suspicious activity in the area to contact them.
The All-Ireland medal and the other stolen items are said to be of huge sentimental value to the family.
O’Connells iconic standing was sealed when he was selected as left half back on the GAA’s team of the Millenium