The team was founded in 2012, and played its first season in the Russian Basketball Super League, the second division in Russia.

In the first season of Krasny Oktyabr in the VTB United League, it qualified for the playoffs by finishing in the 6th place in Group B.

Also, European powerhouse CSKA Moscow was defeated by Krasny Oktyabr in the quarterfinals of the 2013–14 Russian Cup tournament.

[citation needed] On August 30, 2016, the team was forced to leave the United League, because its home arena wasn't approved to host tournaments.

The club also played European-wide competition home games at the 5,000 seat Krylatskoye Sports Palace, which is located in Moscow.