The books of the Old Testament were written, in the form we know today, long after the destruction of the northern kingdom of Israel. Those written before the Babylonian Exile were intended to be read by the people of the smaller, southern kingdom of Judah, while later books were intended to be read by the Jews during and after the Babylonian Exile.
The Old Testament books were selected and formalised as the Hebrew Bible by the Council of Jamnia, meeting in 96 CE. The Hebrew Bible became the scriptures to be read by all future generations of Jews.
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The book of Psalms is found in the Old Testament.
There are 39 books in the Old Testament and 27 books in the New Testament (a total of 66 books in the Bible). There are 23,145 verses (KJV) in the Old Testament and 7,957 verses (KJV) in the New Testament. If all verses were equal, that would put the Old Testament at 74.4% and the New Testament at 25.6% of the entire Bible.
Psalms are in the old testament.
The Old Testament is the basis of Christianity.
The Old Testament is often referred to as the Scriptures in the New Testament.