It was founded on 30 June 1946 as SV Eisen und Stahl 1946 Linz, a factory squad of the public VÖEST steel company (present-day Voestalpine).

In 1969, SK VÖEST won the championship of the Regional League Central and was promoted to the Nationalliga, the predecessor of the Bundesliga.

In 1997, due to financial difficulties, the club finally had to dissolve, by merger with its long-time rival LASK.

Blau Weiß Linz was promoted to the Austrian Bundesliga 26 years after its foundation, in 2023.

Since 2013, a new FC Stahl Linz has been formed from the SK VÖEST company football section.