The club was re-founded on 7 April 2008 as a successor of a former team (also named "Dinamo Riga"), which was founded in 1946, but ceased to exist in 1995.

However, in the first round of the league playoffs, Dinamo lost 3–0 to Dynamo Moscow, which later advanced to the Gagarin Cup semifinals.

Following the first season, Dinamo managed to sign legendary Sandis Ozoliņš, as well as Jānis Sprukts, Mārtiņš Karsums and others.

In the first round of the playoffs, Dinamo faced SKA Saint Petersburg with players like Sergei Zubov, Petr Čajánek, Maxim Sushinsky and Alexei Yashin on the roster.

After his league-leading performance, Marcel Hossa signed a two-year contract with the then-current KHL champions Ak Bars Kazan.

New players signed during the off-season include Tomáš Surový, Brock Trotter, Mikael Tellqvist and the returning Mark Hartigan.

Note: GP = Games played, W = Wins, L = Losses, OTW = Overtime/shootout wins, OTL = Overtime/shootout losses, Pts = Points, GF = Goals for, GA = Goals against For a list of all Dinamo Riga players with a Wikipedia article, see List of Dinamo Riga players.