Originally founded as Uzinele Astra Brașov, the team amassed 41 seasons in the top flight of Romania.

The club achieved promotion to Divizia B next season by winning the District Championship final, but the competition was postponed because of the Second World War.

During the war championships (unofficial status), UAB battled for promotion in Divizia A at the end of the 1942–1943, losing the playoffs to Uzinele Metalurgice Cugir.

The club finished 4th în Group 1 of the District Championship of the 1945–1946 season, the first official post war competition, and 3rd in Divizia C 1946–1947, in which the starting XI was formed by: Moraru - Orghidan, Szurd - Nichita, Zelenak, Grosaru - Nagy, Antonescu, Herold, Caceavski, Vlad.

After winning the final against ACFR in 1950, the club under command of former pre-war striker and Romanian international Silviu Ploeșteanu went through a lengthy playoff series to promote into Divizia B. Steagul Roşu defeated Armata Câmpulung Muscel in round 1 (3-1/3-0), Spartac Curtea de Argeş (9-0/2-0), Spartac Banca RPR Bucharest (4-1/1-1/0-3/4-2/2-0) and Industria Sârmei Brăilă in the final (0-0/2-0).

Players of the time include Tibor Selymes, Ionel Pârvu, Laszlo Polgar, Emil Spirea, Sandu Andrași, Iulian Chiriță, Dorel Purdea, and Marius Todericiu.

The junior teams of FC Brașov began to produce young talent; Alexandru Marc, Marius Constantin, Romeo Surdu, Ioan Coman, Silviu Pintea, Ionuț Vasiliu and Dragoș Luca – the generation formed by "Municipal" or "ICIM", the generation that brought the titles of champions or vice-champions back to Brașov.

In the first round of the 2001–02 UEFA Cup Steagul Roșu met the much more titrated Italian team Inter Milan, but they lost 0–6 on aggregate.

In the summer of 2016 the team did not have the budget needed to participate in Liga II and financial problems continued to multiply.

The situation was saved with a few weeks before the start of the new season when Alexandru Chipciu, a former player of the team, was sold by Steaua București to Anderlecht and FC Brașov received a stake in the transfer.

After the end of the championship, FC Brașov announced that the team will not join the new season of Liga II, and was declared bankrupt.

[5] In the summer of 2017 The Flag-bearers Supporters League announced the establishment of AS SR (meaning: Asociația Sportivă Steagul Roșu - The Red Flag Sporting Association) Brașov, club set up by the model followed by FC Vaslui, Petrolul Ploiești, Oțelul Galați or Farul Constanța, big clubs in Romanian football which were also dissolved and brought back to life by their supporters.

The shield is stamped by a silver mural crown, consisting of seven towers the specific insignia for county seat municipalities.

Györffy was fascinated by the combination of yellow and black stripes and decided at the return in the country to wear the shirt during his training sessions with the team.

The ultras groups of SR Brașov are organized in The Flag-bearers Supporters League and they have friendly relations with Gaz Metan Mediaş and Ceahlăul Piatra Neamţ's fans.

The first coach of the club was Silviu Ploeșteanu who occupied the bench for 20 years in which he achieved historic performances, being very close to the national title in the 1959-60 season.

Former international players who achieved unforgettable performances were also listed on the bench, for example Marius Lăcătuș, Ilie Dumitrescu and Ioan Andone.