Founded on 24 April 1924, the club spent most of its history in the Bulgarian A PFG, the top tier of professional football in the country.

Following the success in 1991, Etar began a gradual decline in terms of performance, culminating in relegation from the top flight, as well as increasing financial problems.

In 2003, the club was formally dissolved, due to inability to cover financial costs needed for professional football.

In 1930 they reached the Bulgarian State Football Championship semi-finals, losing 4–2 to Slavia Sofia.

Etar surprisingly managed to win the A Group, becoming Bulgarian champions for the first time in club history.

Unlike some of the powerhouses in Bulgarian football, Etar did not manage to find a sustainable financial source after the fall of Communism in 1989.

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