Wanderers have a long-standing rivalry with Dhaka Mohammedan, which dates back to the East Pakistan era, although its intensity has decreased over the years.

[3] The founding members consisted of the area's Muslim youth community, including notable figures such as Yar Mohammed, Abdullah Hai, Siraj Uddin, Abdul Qader, Abdus Sadek Shona, Mohon, Abdus Sayeed Mutkar, Alauddin, Chan Mia, Shamsuddin Shaju, Jumman Bepari, and Shahabuddin.

The tournament final against Commilla Mohammedan, held at the Dhaka Sporting Association ground on 25 September 1949, ended in a 0–0 draw.

The following year, in 1952, Bengal Government Press, led by Pakistan national team forward Chunna Rashid, stopped Wanderers from claiming their third consecutive league title.

In the same year, Wanderers traveled to West Bengal to participate in the IFA Shield held in Calcutta, India, exiting the tournament in the third round.

The club was leading the points table until the league was abandoned, and according to their officials during that period, Wanderers were eventually declared champions by the authorities that year.

[9] In the same year, the club again participated in the IFA Shield, where they eventually exited in the quarter-finals and, in turn, gained subcontinental recognition.

Despite this, the club kept hold of center-half Nabi Chowdhury, who led a young team to their record fourth consecutive First Division title.

However, Mohammedan refused to play a playoff final, so the East Pakistan Sports Federation awarded the trophy to the Wanderers.

[10] However, their league dominance was finally put to an end by arch-rivals, Mohammedan, who won their maiden First Division title that year.

[5] In 1960, Wanderers brought in Makrani players Lari and Murad Bakhsh, while also having a strong local contingent of Zakaria Pintoo, Patrick, Sekander Ali, Kazi Mobassar Hossain, Mari Chowdhury and Debinash Sangma.

Other notable players included Rasool Bakhsh, Abdul Gafur Baloch, Yaqub, Leo Gomes and Ghulam Rabbani.

Eventually, the team, coached by Abdur Rahim and captained by Manzur Hasan Mintu, won their seventh First Division League title.

Following the Independence of Bangladesh, the club, led by Kazi Abdur Rafiq, again finished as runners-up in the league, this time jointly with Mohammedan and Dhaka Abahani in 1973.

The season prior, which was abandoned, striker Nazir Ahmed scored a hat-trick against Dilkusha SC, becoming the first player to do so since the country's independence.

[14] Wanderers failed to form a strong team post-independence, even though one of their main patrons was the country's first president, Sheikh Mujibur Rahman.

[16] Following the Assassination of Sheikh Mujibur Rahman, and the onset of Military rule, the Wanderers, according to its officials at the time, were a victims to football politics.

In 1987, under coach and former player Abdul Hakim, the club reached the finals of the Federation Cup, where they were defeated 0–1 by former rivals, Mohammedan.

[22] The club entered the Premier Division in 2003–04 season, with general secretary Mohammed Selim, promising to form a strong team.

[30] According to reports, the casino's activities were controlled by AKM Mominul Haque Sayeed, who was at the time a commissioner of Dhaka South City Corporation Ward-9.

[31] On 26 September, seven cases were filed against Awami League leader and club director Enamul Haque Enu and his brother Rupon Bhuiyan.

[36] In March 2021, it was revealed that the team's coach, Kamal Babu, paid Tk 18,000 to the footballers out of his own pocket, foregoing his own salary.

[17] On 15 September 2021, the club formed a 28-member executive committee, with Kazi Shahidullah Liton remaining as president, while Nizam Uddin Chowdhury Parvez and Kamal Hossain were elected as vice-president and general secretary, respectively.

[47] Following the Non-cooperation movement on 5 August 2024, Liton distanced himself from the club, prompting the formation of a new team for the Premier League under convener Abdus Salam.

On 25 September 2024, less than two months after the previous committee's formation, BNP politician Abdus Salam and sports organizer Mahbubur Rahman Shahin were elected as the new club president and general secretary, respectively.

The rivalry dates back to 1956 when Mohammedan acquired numerous players from Dhaka Wanderers, who had left due to internal conflicts within their club.

Both clubs were tied on points, and Mohammedan's refusal to play a playoff final resulted in the league title being awarded to Wanderers.

Notably, Wanderers lost the prestigious Mohammad Ali Bogra Shield final in 1966, contested by the two Dhaka-based teams in Rawalpindi.

The match, where Abahani led 1-0, was suspended after Wanderers supporters entered the field and attacked the opposition players with wooden sticks.

[49] However, the club's fan base soon diminished with the rise of popular teams such as Abahani, Brothers Union, and Muktijoddha Sangsad KC in the late 70s and early 80s.