The Lions were a foundation team in the AFL Women's competition in 2017, and have featured in five grand finals in that time, winning the premiership in 2021 and again in 2023 also finishing runners-up on the other occasions.

The club also boasted 6 Brownlow Medal winners who were Haydn Bunton Sr., Wilfred Smallhorn, Dinny Ryan, Allan Ruthven, Kevin Murray, and Bernie Quinlan.

[18] The club changed its nickname to the Lions in 1957, but when Fitzroy was evicted from its home ground of Brunswick St Oval in 1965, this began a sustained period of poor on-field performance and financial losses.

Despite a revival in the '80s, when the Lions made the finals four times under the coaching of Robert Walls and David Parkin, and the playing group of 1981 Brownlow Medallist Bernie Quinlan, Ron Alexander, Garry Wilson, Gary Pert and Paul Roos, the club's financial situation was perilous.

In its early days, the club was uncompetitive on the field and struggled to shake the derisive tags which included "The Carrara Koalas" (in reference to the Gold Coast home and the somewhat tame marsupial) and "The Bad News Bears".

Despite improving its on-field fortunes, and drafting exciting young players on such as Michael Voss, Justin Leppitsch, Jason Akermanis, Darryl White, and Nigel Lappin, the club's existence was still at threat due to severe financial problems, and since 1990 the Bears had been actively exploring merger options with Fitzroy.

They were Brad Boyd, Chris Johnson, Jarrod Molloy, John Barker, Nick Carter, Simon Hawking, Scott Bamford and Shane Clayton.

Importantly, he forced the Lions to embrace and acknowledge their Fitzroy heritage with murals and records being erected at the Gabba, and past players names being placed on lockers.

Victorian Luke Power, Fitzroy father–son selection Jonathan Brown, and exciting WA product Simon Black came via the draft, and Brad Scott, Mal Michael, and ex-Fitzroy B&F winner Martin Pike were recruited from Hawthorn, Collingwood, and North Melbourne respectively.

Brisbane finished as 28-point victors, and head coach Leigh Matthews famously used a Predator quote, "if it bleeds, we can kill it", to inspire his team for the game.

Going in as underdogs, Brisbane started the game well, scoring the first goal of the match from a free kick awarded to Alastair Lynch for holding against Dustin Fletcher.

Brisbane's pace in the midfield and the tiring legs of most of the Essendon players played a pivotal role in them taking full control of the game in the second half.

Early in the contest, the Lions lost both ruckman Beau McDonald and utility player Martin Pike to injury and had to complete the match with a limited bench.

[38] The grand final is partly remembered for a wild punch-up between Port Adelaide's Darryl Wakelin and Alastair Lynch, who was playing in his last ever game and therefore immune from suspension.

[39] The Lions endured a slow start to the 2005 season before having a form reversal towards the end of the year, which included ten-goal thrashings of top-four contenders Geelong and Melbourne.

The Lions failed to make the finals for a third successive year, again showing promising glimpses at stages, with a shock away win against reigning premiers the West Coast Eagles, and a 93-point hiding of finalists Collingwood at the MCG.

The 2013 season started well for Brisbane, defeating Carlton in the final of the NAB Cup, with Daniel Rich winning the Michael Tuck Medal for best on ground.

The 2018 season was very similar, recording 5 wins to finish in 15th place, but multiple close losses showed signs of a young team about to breakout into finals contention.

The Lions had a dramatically improved 2019 season, making the finals for the first time since 2009 and finishing second on the AFL ladder with 16 wins, behind minor premiers Geelong on percentage.

Brisbane repeated their form displayed in 2019 the following year, once again finishing second on percentage at the conclusion of the home-and-away season, which, due to the COVID-19 pandemic, was mostly played in south-east Queensland.

A behind kicked by Lincoln McCarthy put them ahead of the fourth-placed Bulldogs by a single point of ladder percentage, and a goal after the siren from Charlie Cameron then sealed the result for the Lions, who finished in the top four for the third year running under Chris Fagan.

After a close game which had 17 lead changes, the Lions prevailed, defeating the Tigers by a margin of two points in a 106–104 victory thanks to a late Joe Daniher goal.

Brisbane reinforced their squad with multiple star signings in the off-season, such as gun midfielder Josh Dunkley, tall forward Jack Gunston and father–son draftee Will Ashcroft, to make them one of the competition's flag favourites for the 2023 AFL season.

Additionally, Fagan also penned a two-year contract extension to keep him at the club until 2025, with Lachie Neale and Harris Andrews also taking over as co-captains from long-serving Lions veteran Dayne Zorko, who stepped down before the commencement of the 2023 season.

Will Ashcroft claimed the Norm Smith Medal as the best afield, winning the award at the age of 20, the second youngest player to do so in VFL/AFL history, after Carlton's Wayne Harmes in the 1979 VFL Grand Final, who was 19 at the time.

Fitzroy largely resumed its original VFL/AFL identity playing in the VAFA through its continued use of its 1975–1996 VFL/AFL jumper, its club song, and its 1884–1966 home ground at the Brunswick Street Oval.

Due to the cricket season in the summer which is during the off-season for the Lions, the club was required to train at alternative locations over the years, this has included the University of Queensland campus,[97] Leyshon Park in Yeronga,[98] Giffin Park in Coorparoo, Moreton Bay Central Sports Complex in Burpengary and elsewhere, meaning the club lacked a dedicated and permanent home year-round.

[103][104] The bad blood between The Bears and Collingwood began in 1993 after top draft pick Nathan Buckley walked out on them and went to the Magpies after playing only a single season in Brisbane.

[105] However the rivalry between the Lions and the Magpies was properly ignited in late 1999 when Collingwood played their last ever AFL game at their spiritual home ground, Victoria Park.

Past academy members include the Brisbane Lions senior men's AFL players Harris Andrews, Eric Hipwood, Keidean Coleman, Jack Payne, Jaspa Fletcher and Matthew Hammelmann.