Two relegations in three years left Cambridge United back in the fourth tier, before promotion was secured at the end of the 1998–99 campaign.

The club is based at the Abbey Stadium on Newmarket Road, approximately 2 miles (3 km) east of Cambridge city centre.

[5] After election to the Football League in 1970, to replace Bradford (Park Avenue), the club was promoted from the Fourth Division after three seasons, but went straight back down.

Following the appointment of Ron Atkinson as manager, Cambridge United won successive promotions which took them into the Second Division in 1978 – a mere eight years after joining the Football League.

Atkinson had gone to West Bromwich Albion, a First Division club, in January 1978, and was succeeded by John Docherty, who oversaw the second promotion.

[8] These successive relegations, which also had a negative effect on the club's attendances as well as its finances, placed Cambridge United back in the Fourth Division, the lowest professional league in English football at the time.

[5] United returned to Division Two but were relegated in 2002 despite a successful run in the Football League Trophy which saw them reach the final which they lost 1–4 to Blackpool at the Millennium Stadium in Cardiff.

[14] On 22 July 2005 the club came out of administration with a deal being struck with HM Revenue and Customs at the eleventh hour after the intervention of then sports minister Richard Caborn.

[16] On the eve of the 2006–07 season, it was announced that former Norwich City striker Lee Power would be the club's new chairman taking over from Brian Attmore's caretaking reign.

[17] Johnny Hon was also to rejoin the board as vice-chairman after John Howard's resignation on conflict of interests grounds (owing to his ownership of Bideawhile 445 Ltd, United's landlords).

[18] Jimmy Quinn was appointed manager soon after Power took charge and, after a difficult settling-in period which included a humiliating 5–0 loss to local rivals Histon,[19] he guided Cambridge United away from another possible relegation by achieving five wins from their last seven games of the season.

They beat Burton Albion in the semi-final, 4–3 on aggregate,[25] but lost 1–0 to Exeter City in the final, played at Wembley Stadium.

[38] Later the same month, the club's landlords Grosvenor Group revealed the plans for a new community stadium, including potential new locations both within the city and outside it.

After having rebuilt the squad with players from the club's youth system and with astute signings in Harrison Dunk and Tom Shaw, George managed to lead Cambridge to a 9th-place finish, a huge improvement on their previous season.

As well as the league, Jez George also took Cambridge to the quarter-final of the FA Trophy (which was the furthest they had reached at the time), but lost 2–1 at home to minnows, Wealdstone.

[42] Eleven games into the following season Jez George became Director of Football, and Richard Money was announced as the new head coach of the club.

After beating FC Halifax Town 2–1, on aggregate, in the semi-final, they won 2–1 against Gateshead in the final, held at Wembley Stadium, gaining promotion back to the Football League after a nine-year absence.

The match at the Abbey Stadium ended in a goalless draw,[46] forcing a replay at Old Trafford, which Manchester United won 3–0.

[48] The following season started poorly, and Richard Money was sacked in November 2015,[49] to be replaced by Shaun Derry who would lead Cambridge to a 9th-place finish.

[52] Following additional investment from the club's co-owners, Cambridge bought back the Abbey Stadium from Grosvenor in September 2022, 20 years after selling it.

The club's current crest, a large football over which the letters 'CU' are emblazoned, with three turrets on top, has been worn on its shirts since the 1986–87 season, with a brief change to a more 'elaborate' design between 1996 and 1998.

[59][60] Before opening the Abbey with a victory over Cambridge University Press in a friendly on 31 August 1932, United had played matches at a number of venues around the city.

This ground, affectionately known as the 'Celery Trenches' due to the poor state of the pitch, was christened with a 1–0 league victory over Histon Institute and became United's home for a decade.

While based at the Trenches, the club established its offices at the 'Dog & Pheasant' pub on Newmarket Road, which it used as an away dressing room on matchdays, as well as a store for equipment including the pitch's goalposts.

Despite the special significance of Parker's Piece in the history of football, it being the first place where the Cambridge Rules were played out, the lack of spectator capacity and disruption caused during games meant this move was not a successful one.

[39] A final site, at Trumpington Meadows, was agreed upon and initial plans for an 8,000 capacity stadium were put forward, as part of a "Cambridge Sporting Village" incorporating housing and retail development.

[67] Objections from residents and local councils saw the proposal blocked in 2013,[68] and plans announced in January 2015 keep the sporting village development at Trumpington, but without the new stadium.

[80][81] Prior to election into the Football League, Cambridge City were regarded as the club's biggest rivals, although the rivalry has since waned significantly.

[82] Peterborough United are considered to be their current main rivals, something that was recognised in a survey by the Football Fans Census as a reciprocated feeling, where the two sides contest the Cambridgeshire derby.

In 2006 United formed Cambridge Regional College as a de facto reserve team and entered them in the Eastern Counties League Premier Division.