Danubio was founded by the Bulgarian-born brothers Mihail (Miguel) and Ivan (Juan) Lazaroff on 1 March 1932 together with other youths from the "Republica de Nicaragua" school in Montevideo.

[5] Danubio won its second league title in 2004 by beating Nacional with a last minute backheel goal scored by Diego Perrone.

Danubio won their fourth Uruguayan league title in the 2013–14 season by defeating Montevideo Wanderers on penalties after extra time in the second leg of the final that finished 2–2 with a last minute bicycle kick equalizer from Camilo Mayada.

In 1932, the club decided to take Montevideo Wanderers' kit and colours (black and white) as homage to them being the last amateur champion of Uruguay in 1931.

In the 2005–06 season, the club wore an unusual green shirt with a white sash as their third kit to play against teams similar in colours (such as Miramar Misiones and Wanderers).

The kit's red shirt included white and green horizontal stripes across the chest and sleeves, embodying the Bulgarian tricolour.

[9] Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.