Founded in 1927 as a Kyivan football team of republican branch of the bigger Soviet Dynamo Sports Society, the club as a separate business entity was officially formed only in 1989 and currently plays in the Ukrainian Premier League, and has never been relegated to a lower division.

Its most successful periods are associated with Valeriy Lobanovskyi, who coached the team during three stints, leading them to numerous domestic and European titles.

On 13 May 1927, the statute of the Kyivan Proletarian Sport Society (PST) Dynamo was officially registered by the special commission in affairs of public organizations and unions of the Kyiv district.

Therefore, the first mention of the football club Dynamo could only be found on 5 April 1928 in the Russian-language newspaper (at that time) Vecherniy Kiev ("Evening Kyiv").

On 14 September 1929 Dynamo Kyiv played its first international match against visiting workers' team from Deutsch-Wagram, Lower Austria and lost it 3:4.

After the Nazi occupation of Ukraine began, former professional football players (Dynamo and Lokomotyv) found employment in the city's Bakery No.

"Start"'s streak was noticed and a match was announced for 6 August against a "most powerful" "undefeated" German Luftwaffe Flakelf (anti-aircraft artillery) team, but despite the game being talked up by the newspapers, they failed to report the 5–1 result.

In 1945, Dynamo took the penultimate place in the championship, and in 1946 - the very last, and, according to the regulations, it was supposed to be relegated, but an exception was made for the team, remembering the wartime losses.

The match took place in heavy rain and fog, but all the same, the Kyivans were able to defeat their opponents and win the Soviet Cup for the first time in their history.

[8] In the final match took part following players Oleg Makarov (goalkeeper), Arkadiy Larionov, Vitaliy Golubyev, Tiberiy Popovich, Oleksandr Koltsov, Mykhaylo Mykhalyna, Volodymyr Bohdanovych, Viktor Terentiev (substitute with Pavlo Vinkovatov), Andrei Zazroyev (captain), Mykhaylo Koman, Viktor Fomin and Oleg Oshenkov as a head coach.

The club left Yevhen Lemeshko, Leonid Ostroushko, Ernest Yust, Mykola Romanov, Yuriy Shevchenko, Vitaliy Sobolev.

The club's ranks were refilled with Serhiy Bohachyk, Ishtvan Sekech, Valeriy Lobanovskyi, Yevhen Snitko, Andriy Havashi, Vasyl Turyanchyk, Yozhef Sabo, while, a well-known former CDKA player (the "Team of Lieutenants"), Vyacheslav Solovyov became the head coach.

It also was part of the Mikhail Gorbachev's Perestroika reforms known as Khozrasschyot when state enterprises had difficult time to keep their associate organizations afloat and encouraged them to reorganize into self-sustained businesses.

On 19 July 1993, an extraordinary assembly of coaches and players fired Bezverkhy and established a stock society called "Football Club "Dynamo (Kyiv)".

The founders besides the football team and the Dynamo councils became also the commercial consulting centre Slavutych and the British firm Newport Management.

Its main rival in Ukraine is Shakhtar Donetsk, a club from the Donbas region, that came second to Dynamo several times before winning its first Premier League in 2002.

In 2009. in the club's most successful European campaign since 1999, it reached the semi-finals of the UEFA Cup (eliminating such teams as Valencia and Paris Saint-Germain) but was defeated at that stage by Shakhtar Donetsk.

In a season which contained their record win, a 9–0 victory over Illichivets Mariupol, the club only managed to finish runners-up in the league in 2010–11, after Shakhtar Donetsk.

In the 2014–15 Europa League, Dynamo comfortably qualified from a group containing Aalborg BK, Steaua București and Rio Ave, finishing in first place with 15 points.

In the beginning of the 2015–16 season, Dynamo signed the highly talented Derlis González and was drawn in Group G of the 2015–16 Champions League alongside Chelsea F.C., FC Porto and Maccabi Tel Aviv F.C.

At the end of the season, several star performers (such as Miguel Veloso, Aleksandar Dragović, Younès Belhanda and Łukasz Teodorczyk) departed the club and were not replaced.

In the winter transfer window, Dynamo signed promising defenders Aleksandar Pantić and Tamás Kádár and focused on youth academy talents such as Viktor Tsyhankov, Artem Besyedin and Volodymyr Shepelyev, managing to improve its performances.

The idea of symbol is attributed to a native of Ukraine Leonid Nedolya-Honcharenko who at that time served as a chief of political department of the OGPU troops in Moscow District.

Dynamo striker Oleh Blokhin is the Soviet Premier League's all-time top scorer with 211 goals, and has also made more appearances than any other player in the championship's history with 432.

Two other Dynamo strikers – Oleh Protasov and Viktor Kolotov – are among the Soviet Union national football team top five best scorers with 29 and 22 goals respectively.

Four former Dynamo's players were appointed as a head coach of the Soviet Union national team, among which Valeriy Lobanovsky, Oleh Bazylevych, Vladimir Salkov and Anatoliy Byshovets.

The club's home ground, Valeriy Lobanovskyi Dynamo Stadium, is situated in a park located in the centre of the city, close to the Dnieper River bank.

German journalists from Der Spiegel[48] Rafael Buschmann and Michael Wulzinger published a book titled Football Leaks – 2.

A separate part titled "Ukrainische Bruderschaft" (Ukrainian Brotherhood) describes brothers Ihor and Hryhorii Surkis's activities in the football sphere and their relation to the "Newport" offshore.

[49] The book tells that starting from 1993, all the financial activities of Kyiv-based FC Dynamo have been performed via the company Newport, controlled by the club's boss Ihor Surkis.