However, in the 2002–03 season, the Red Lichties struggled badly, and finished bottom of the table, 20 points adrift of penultimate side Alloa Athletic.
They finished fourth in Division 3 and disposed of Cowdenbeath 2–1 on aggregate thanks to a late extra time winner from Robbie Raeside in the semifinal.
Stranraer were the opponents in the play-off final and the Red Lichties ran out 2–0 winners in the home tie first leg at Gayfield Park thanks to a Robbie Raeside header and a Barry Sellars strike.
The performances were boosted by loan additions such as Steven Doris, Craig Forsyth, ex-Scotland international Colin Cameron and they got results when it mattered.
John McGlashan resigned to be replaced by Jim Weir who after a mixed start eventually rallied the Red Lichties to a spirited last few weeks of the season.
A tremendous first season playing lively attacking football saw them run champions Cowdenbeath closely, more than matching them in head-to-head encounters but lacking the professional edge to grind out other results and losing the final three.
One highlight was a 3rd Round Scottish Cup tie at Celtic Park, drawing 1–1 and then exiting in the replay after an equaliser was controversially ruled out.
After an average start, a run of 14 games without a win saw the Red Lichties end up bottom of the pile on 31 points and automatically relegated.
On Sunday, 12 April 2015, after a string of poor results in which the side only won once in 16 games, Moore was relieved of his duties as Manager and Lumsden took the helm.
The team had been sitting at the top of the table by eight points in December but ended up finishing third and subsequently lost 3–2 on aggregate to Queens Park in the play-off semi-final.
Dick Campbell was then appointed and was able to steer the team to safety, finishing 9th and ahead of East Stirlingshire who were subsequently relegated after losing the play off to Lowland League champions Edinburgh City.
They spent much of the season in second place behind Forfar Athletic and in early February were 11 points behind their Angus neighbours after a 1–0 defeat by the Loons at Gayfield Park.
The Red Lichties however clawed that difference back and after the penultimate game of the season's 3–2 win against Elgin City, found themselves a point ahead at the top of the table with an away match against Stirling Albion remaining.
An astonishing 1200 fans travelled to Forthbank to witness a 1–1 draw but with Forfar unexpectedly losing at home to Annan 4–2, the title was secured.
Midway through the 2023–24 season, after losing to The Spartans in the Scottish Cup, manager Dick Campbell and his coaching team resigned from their positions.
The beginning of 2024–25 saw the poor run continue with Manager Jim McIntyre being replaced by co-player-managers Colin Hamilton and David Gold after losing 3–0 to Kelty Hearts on 17 August 2024.