Created in 1923 when Russia was part of the Soviet Union, Dynamo was among the oldest sports clubs in the country.

Dynamo earned a reputation outside the Soviet Union borders due to its success in sports such as football, handball, ice hockey and basketball.

[citation needed] Dynamo finished third in the Soviet Union League standings in 1946, 1957 and 1958, as well as making it to the 1952 USSR Cup final.

Dynamo did even better in the 2003–04 season, in which players like Nikos Oikonomou, Jimmy Oliver, Nikolay Padius, Damir Mršić and the late Kenyon Jones helped the team to make it to the Russian League semi-finals.

Dynamo continues taking steps forward and making a big financial effort to incorporate some of the best European players in the market.

As such, for 2004–05, Dynamo signed the Euroleague all-time top rebounder, Mirsad Türkcan, the 2003-04 Euroleague regular season top scorer Lynn Greer, center Lazaros Papadopoulos and veterans such as Ariel McDonald, Trajan Langdon, Kšyštof Lavrinovič and Andrei Fetisov.

Heavy favorites to win, Dynamo struggled - they made the ULEB Cup Final Eight, but lost in the semifinals to CB Girona 78:81 in a huge shock, which lead to the firing of Pešić.

In the 2008–2009 season, David Blatt became head coach, and solid NBA players like Jannero Pargo and Boštjan Nachbar were signed, along with stars in Europe like Hollis Price and Darjuš Lavrinovič.

Still a favorite to win the EuroCup, Dynamo suffered a fiasco in the Final Eight tournament, losing to Hemofarm 85:93 in the quarterfinals.

The next two seasons, 2009-2010 and 2010–2011, Dynamo didn't have any success in European competition, never reaching the playoffs in either the EuroCup and the FIBA EuroChallenge tournaments.

[citation needed] Total titles: 3 Note: Flags indicate national team eligibility at FIBA-sanctioned events.