In 1905, a group of Bulgarian students from the Robert College of Istanbul created a new sports club in Burgas with the name SC Strela.

Several years later, SC Strela was officially licensed as an association and in May 1912, the local municipality chose the first staff and the first president of the club.

Between 1919 and 1944, the football club participated in the Bulgarian State Championship, regularly promoting and relegating from the different divisions of the league.

In 1944, the club was bought by the Municipality of Burgas, its name was changed to FC Lyuboslav and a new manager was hired – the prominent Hungarian coach Kramer Lipot.

In 1958, the communist authorities in Burgas decided to reestablish the sports club, which is considered a successor of the achievements of the former FC Chernomorets.

A few years later, in 1994 Chernomorets were relegated to Southern "B" Group and its return to A PFG in 1999 was with his new owner Ivaylo Drazhev, who had bought the club in 1997.

In 2004, the club with president Ivaylo Drazhev went bankrupt and in the following two seasons Chernomorets was relegated from the top division of the Bulgarian football.

The future of the club was unknown and in late 2006 FC Chernomorets withdrew from the South-East V AFG because of financial difficulties and was dissolved shortly thereafter.