During the club's history, it was founded in Austria-Hungarian Empire, then it was transferred to Romania and then to Ukraine, where it would eventually dissolve in 1946.

The name "Dragoş Vodă" came from Dragoș, the first Voivode of Moldavia.

Dragoş Vodă Cernăuţi was founded Rumänischer Fußballklub Czernowitz (RFK Chernowitz).

In 1932, a new format of Divizia A was introduced and Dragoş Vodă Cernăuţi has since been the only team from Chernivtsi to have played in this division (1937–38), before eventually getting relegated.

[2] [3] Liga I: Dragoş Vodă Cernăuţi is the only team from outside Romania's present day territory to play in the First League of Romania in the division format.