The four invited teams were Melgar, Alfonso Ugarte de Chiclín, Octavio Espinosa, and Atlético Grau.

Atlético Grau was relegated to the Copa Perú that year which it would win in 1972 after defeating Deportivo Carsa, Cienciano, León de Huánuco, Deportivo Junín, and Cultural Juanjuí in La Finalísima, or Final Group Stage, and thus ascend to the Torneo Descentralizado once more alongside León de Huánuco.

The 1972 squad was coached by Guillermo Quineche Gil and included Rolando Jiménez, Jorge Albán, Julio Miranda, Julio Ceballos, Manuel Mora, Javier Márquez, Manuel "Meleque" Suárez, Toribio Peña del Rosario, Marcos Murguía, José "Quimbo" Córdova and Reynaldo Rojas.

Since then, Grau reached the National Stage of the Copa Perú multiple times during the 21st century.

It would reach the finals in 2002 for the first time during the bracket tournament format against Atlético Universidad from Arequipa with whom it tied 1–1 at home and lost 2–4 away.

In 2004, Atlético Grau fused with 2000 Copa Perú champion Estudiantes de Medicina from Ica due to that club's financial instability.

[5] Curiously, Estudiantes de Medicina kept the same kit for the last half of the tournament after the merge was over and during which it was relegated.

Los Albos participated in the Liga Superior de Piura from its creation in 2009 until 2016 during which it was that league's champion four times.

The team finished in 8th initially missing out of the Liguilla stage of the tournament which would decide the season championship.

Just before the beginning of the Liguilla, Deportivo Hualgayoc was set aside by the tournament organizers for outstanding debts to its squad.

In 2019, Atlético Grau completed their best campaign to date in the Peruvian Segunda División (now called Liga 2).

It then defeated the tournament's favorite Juan Aurich by 4-1 at home and 0-2 on the road for a total score of 4-3 and thus qualified to the promotion play-offs.

Regardless, Atlético Grau finished first in the play-offs and was promoted to the top tier of Peruvian football for the first time in 29 years.

In the semifinals it faced Deportivo Coopsol, guaranteeing the presence of at least one Liga 2 team in the final, whom it defeated by a combined score of 7-2 after two legs.

In the final it faced Sport Huancayo at Estadio Miguel Grau in a scoreless draw after extra time.

The team also qualified for its first international tournament, the 2020 Copa Sudamericana, where it faced Uruguayan club Atlético River Plate.

As a result of winning the 2019 Copa Bicentenario, Atletico Grau classified for the 2020 Supercopa Peruana, playing against Liga 1 champions Deportivo Binacional.

In 2024, the Instituto Peruano del Deporte (IPD) agreed with the Piura Government to finally renovate the stadium and be up for use, where Atlético Grau is expected to play again.

Atlético Grau has its own premises located on Luis Montero Avenue, Block V, Lot 7-8, in the Miraflores Urbanization in the city of Piura.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.