Founded on 14 March 1913, it currently plays in Tercera Federación – Group 4, holding home games at the Artunduaga Sports Centre, in the town of Basauri.

[4] Founded in 1913 and named after a local iron and steel-working works [eu] (later owned by the Altos Hornos de Vizcaya company), Basconia reached the national third level (Tercera División) thirty years later.

The primary function of the agreement is to aid the development of young players in a challenging environment while remaining in the same group under the close guidance of the parent club; a number of teenagers who spent a season at Basconia became professionals at Athletic Bilbao, eventually playing in La Liga and UEFA competitions.

Although Athletic Bilbao control the main squad's players and coaching personnel, Basconia retains its own club committee and staff and operates several youth teams as well as amateur side Basconia B who compete in the Preferente de Vizcaya league, two levels below the first team.

In January 2018, with the team struggling to remain in the league, Basconia took the unusual step of recruiting some older, more experienced players including Thaylor Lubanzadio[7][8][9] to help them maintain their 23-year divisional status,[10] which was eventually accomplished – they finished 15th, 5 points above the relegation zone.