The club was founded on March 4, 1945. The initiative was launched back in February, near the end of the war, by young men, active players, students, and members of the United Alliance of Anti-Fascist Youth of Serbia.

Zvezda began as a youth physical culture society with seven sections, including football.

The name was chosen after a lengthy debate. Suggestions included “People’s Star,” “Blue Star,” and “Proleter.” The first kits were yellow, adopted from Slavija of Čubura. Since 1950, Zvezda has worn its famous red-and-white stripes.

In its first fifteen or so years, the club won six Yugoslav league titles, five cups, and the 1958 Danube Cup, and in 1956/57 it reached the European Cup semi-finals.

A year later, in the quarter-finals, they played one of the most dramatic two-legged European ties against Manchester United. The second leg (3–3) is remembered as the last match of the “Busby Babes” before the Munich disaster.

Greatest achievements
·    37 league titles (including the 1946 Serbian championship, officially recognized by the Football Association of Serbia in 2019) and 30 cups
·    Mitropa Cup (1968) and the 1979 UEFA Cup final (lost to Borussia Mönchengladbach, 2–1 on aggregate)
·    On May 29, 1991, in Bari, a victory over Olympique Marseille on penalties, 5–3 (0–0 after extra time), without losing a single match on the way to the trophy
·    On December 8, 1991, in Tokyo, a 3–0 win over Chilean side Colo-Colo (two goals by Jugović and one by Pančev) and the Intercontinental Cup title
·    In 2018/19, their first appearance in the group stage of the Champions League in its new format, including a 2–0 win over Liverpool
·    2020/21: a record 108 points in a single season (according to club figures)

Stadium and fans
The “Rajko Mitić” Stadium, known as the “Marakana”, opened in 1963. It once held around 110,000 spectators and today has 51,755 seats. It has borne the name of legendary Rajko Mitić since December 21, 2014.

The 1973 European Cup final (Ajax – Juventus) and the 1976 European Championship final (West Germany – Czechoslovakia) were played there.

The organized supporters, Delije, were officially founded in 1989. Their name, written in Cyrillic, is displayed on the north stand. The Eternal Derby against Partizan dates back to the founding of both clubs in 1945.

Legends (players and coaches)
The title “Zvezdina zvezda” (“Star of Zvezda”) has been awarded to five players and the entire 1991 generation:
·    Rajko Mitić, Dragoslav Šekularac, Dragan Džajić, Vladimir Petrović Pižon, and Dragan Stojković Piksi
·    Džajić holds the record for appearances (389), while Bora Kostić holds the goalscoring record (230)
·    The 1991 generation: Pančev, Prosinečki, Savićević, Mihajlović, Jugović, Belodedici...

Coaching legends include Miljan Miljanić, Branko Stanković, and Ljupko Petrović, the coach who led the team to the European title.

The club today
In the 2025/26 season, Zvezda won the double: the league title (their ninth in a row, since 2017/18) and their 30th Serbian Cup, their sixth in a row. The summer of 2026 brought setbacks.

First, they were eliminated by Hapoel Be’er Sheva in the Champions League qualifiers, costing Dejan Stanković his job.

Then they lost to Viktoria Plzeň in the Europa League play-off round. Despite winning the first leg 3–0, they lost the second leg 5–1 after extra time. For the first time in the club’s history, they are playing in the Conference League.

Their opponents in the league phase are Copenhagen, Gent, Trabzonspor, Lugano, Inter Escaldes, and Iberia. Albert Riera has been in charge since August (the first Spaniard to manage Zvezda, on a contract until June 2028); he previously managed Ljubljana’s Olimpija.

Youth academy and AFT ranking
Over the decades, Zvezda’s youth academy has developed players who have represented the club and the national team. Its graduates include Džajić, Šekularac, Jugović, Dejan Stanković, Nemanja Vidić, Luka Jović, and Marko Grujić. The club’s development team is Grafičar.

In the AFT system, Crvena zvezda’s youth teams are showing strong growth:
·    2024/25 season (all age groups): 1,075 AFT points
·    2025/26 season: 1,925 AFT points, almost 80% more than the previous season
·    2026/27 season (to date): 935 AFT points
This places Zvezda among the most successful clubs in the AFT system.