A founding member of the Women's Professional Soccer (WPS) league as the Chicago Red Stars, they have played in the NWSL since 2013.

They followed with two ties (1–1 at Washington Freedom and 0–0 hosting Sky Blue FC) and a 4–0 shutout of the Boston Breakers at Toyota Park.

This was the best starting record of any team in the league except season champions Los Angeles Sol, seeming to live up to preseason predictions.

Agreeing to see the Red Stars through their first season, Peter Wilt stepped down as CEO at the end of 2009 to become general manager of the Milwaukee Wave (his hometown NISL team).

General manager Marcia McDermott assumed many of Wilt's responsibilities, although he continued to support the team on the league's board of governors and as president of the Chicago Red Stars Charitable Foundation.

In 2012, the Red Stars joined the former WPS Boston Breakers and Western New York Flash to found the WPSL Elite League.

The mid-season arrival of Germans Sonja Fuss and Inka Grings revived the team somewhat, but not enough to qualify for the playoffs.

Despite the late arrival of international stars, at the end of May the team had six wins, one draw, and two losses; its performance was aided by rookies Julie Johnston, Vanessa DiBernardo, Hayley Brock, young players Jen Hoy, Rachel Quon, veterans Lori Chalupny and Michelle Wenino, and goalkeeper Karina LeBlanc.

With a mid-season slump (one win in 11 matches during June and July), the team did not qualify for the playoffs and was edged out by head-to-head results with the Washington Spirit.

The Red Stars made the finals for the first time in NWSL history, clinching their fifth consecutive playoff spot on September 21, 2019, after defeating the Washington Spirit 3–1.

[24] The Red Stars defeated the Portland Thorns 1–0 in a semifinal home game, and lost 4–0 to the North Carolina Courage in the final.

On Monday, November 22, 2021, just after midnight, the Red Stars announced that head coach Rory Dames had resigned effective immediately.

“Two had left the team because of Dames's abuse, they said.”[27] A busy offseason saw the Red Stars trade Makenzy Doniak, Katie Johnson and 2021 college draftee Kelsey Turnbow who never played in a Red Stars uniform to San Diego Wave FC for protection in the 2022 NWSL Expansion Draft.

The Red Stars also traded 2021 Iron women Sarah Gorden and the rights to USWNT player Julie Ertz to Angel City FC for expansion draft protection.

The Red Stars also traded Nikki Stanton to OL Reign and backup goalkeeper Cassie Miller to Kansas City Current.

In the 2022 NWSL Challenge Cup the Red Stars finished 2nd in the Central Division behind the Kansas City Current and did not move on.

In the playoffs, the Red Stars traveled to San Diego and lost 2–1 in extra time after Alex Morgan scored her 16th goal of the regular season.

"[4] During the team's membership in Women's Professional Soccer, the Chicago Red Stars played at Toyota Park.

The FC Indiana owners brought in Peter Wilt to lead their efforts in establishing the team, and they assembled a broad ownership group.

In addition to the IWSL, the team ownership included shareholders John (Jack) Cummins, Robert and Susan Morrison, Jim and Kathi Willett, Dale Weaver, Gary Weaver, Pin Ni, Dong Li, Arnim Whisler, Dean Egerter, Stephen Ritchie and Peter Wilt.

[43] On March 1, 2021, the Red Stars announced a new ownership group led by co-founder (and majority owner) Arnim Whisler and his family.

In addition to Whisler, the ownership group is led by founding members Dean Egerter and Steve Ritchie and includes additional members Jessie Becker, Julie Haddon, Israel Idonije, Jordan Levin, Abel Lezcano, Colleen Mares, Michael Raimondi, Kendall Coyne Schofield, Michael Schofield, Sarah Spain, Marie Tillman, Brian Walsh, Kevin Willer, and David M.

[44][45] On May 4, 2021, the Red Stars announced further additions to the club's ownership group, including Aimee Garcia, Josh Dixon, Bela Bajaria, Channing Dungey and spouse Scott Power, Keli Lee, Devin Johnson and daughter Carys Johnson, Ken Kaufman, Nora Mabie, Kim Vender Moffat, Stephen Moffat, Todd Vender, Nick Coleman, Jon Moonves, Jim Allen, Graham Allen, and Kirk Allen.

Whisler announced on December 5 that he would sell the team, and that investment bank Inner Circle Sports would facilitate the sale.

[51][52] On September 1, 2023, Whisler and all minority owners of the Red Stars sold their stakes to an investment group led by Laura Ricketts and including Angela E.L. Barnes, Traci P. Beck, Pittsburgh Penguins partner Debra Cafaro, Laura Desmond, Sidney Dillard, Megan Murphy, Editha Paras, Jennifer Pritzker, Hilary Rosen, Jessica Droste Yagan, Tom O'Reilly, and the Engelhardt family.

For more information on the group/membership/events you can visit Chicago Local 134's website, and also find the supporters group on Instagram and blue sky with the handle @chicagolocal134.

[55] On August 23, 2021, the Red Stars announced that Univision Chicago would simulcast Spanish-language coverage of the club's September 25 match against Portland Thorns FC on WXFT-DT and WRTO AM.

[56][57] On November 22, 2021, The Washington Post published an article with allegations from players, both previous and current, of abuse by head coach Rory Dames.

Initially, Arnim Whisler, the owner and chairman of the Red Stars, denied any knowledge of or complicity in Dames's abuse, claiming that "I have always strived to ensure that everyone hired in our environment is of high character and shares our positive values.

On October 4, 2022, the day after Yates's report was released, Whisler resigned from the NWSL Board of Directors,[60] giving up operational control of the Red Stars.