Eastern won its first trophy in club history in 1940, capturing the Senior Shield in a 2–1 victory over South China.

It was also during the 50s when Hong Kong football legend Lam Sheung Yee signed with Eastern and earned his debut in the First Division.

Eastern's ability to attract such players was due to their large budget, funded by billionaire businessman Peter Lam.

The strong squad were able to win two Senior Shields and a Hong Kong FA Cup in the 80s, however, they were never able to capture the First Division title.

Starting with a runners up finish in 1991–92, the club then dominated Hong Kong football, winning three consecutive First Division titles between 1992 and 1995.

In April 2016, Eastern won the 2015–16 Hong Kong Premier League under the guidance of Chan Yuen Ting, becoming the first men's professional association football team to win a domestic, top flight championship under the management of a woman.

The club went on a season-long unbeaten run in the league until the final match day when they lost to Kitchee 4–1 at Mong Kok Stadium and finished runners up.

The season also marked the first time for a Hong Kong club to compete in the group stage of the AFC Champions League.

Ahead of the 2019–20 season, Eastern lured reigning Coach of the Year Lee Chi Kin and many of his former players from Tai Po in hopes of returning the club to title contender status.

An intense rivalry developed between the clubs during this period and the media referred to the derbies between them as the "Chinese Civil War.

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