The team currently plays in Primera División B Metropolitana, one of the third tier leagues in the Paraguayan football league system, following its relegation from División Intermedia at the end of the 2024 season.

The Zacarías family named the team "Colegiales" (which basically means "students") after their chain of bookstores called "El Colegio" (The College).

Colegiales never won a national title in the Liga Paraguaya, however, the few times they have participated in international tournaments they did a good job despite being a very small team from a humble neighbourhood with limited finances.

Colegiales best effort was in 1995 when they reached the Copa CONMEBOL semifinals.

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