In recent history, Petrolul became insolvent in February 2015 and dissolution followed the next year, however supporters and club legends promptly refounded and enrolled it in the fourth division.

The team was founded in Bucharest in late 1924, when Romcomit and Triumf merged into what would become one of the most notable clubs of the capital during the interwar period, Juventus București.

[5] Their first national title came six years after their establishment, being led in the first half of the season by coach Gyula Feldmann and in the second by Hlavay, as the team won another Bucharest regional championship, qualifying for the 1929–30 Divizia A where they won the final with a 3–0 victory against Gloria Arad with goals scored by László Raffinsky, Ion Maior and Carlo Melchior, the team used being: Dumitru Bacinschi – Constantin Deleanu, Sile Georgescu – Ștefan Wetzer, Emerich Vogl, Tibor Remeny – Gyula Dobo, Carlo Melchior, Rudolf Wetzer, László Raffinsky, Ion Maior.

The club played its last campaign as Juventus in 1946–47, after which the name was changed numerous times to Distribuția, Petrolul, Competrol, Partizanul and Flacăra respectively.

In the autumn of 1958, Petrolul made its debut in the European Cup and faced Wismut Karl Marx Stadt of East Germany in the preliminary round.

[9] One week later after his death Petrolul won the 1962–63 Cupa României with 6–1 against Siderurgistul Galați and before the game, at the team photo, the place from the down row in front of goalkeeper Mihai Ionescu was left free in the memory of Tabarcea.

[9][10] In 1965, head coach Ilie Oană left Petrolul for the Romania national team, and assistant Constantin Cernăianu took over the vacant place.

The yellow wolves recovered later, but the local coaches did not have the value of Ilie Oană, who also went to Politehnica Iași, then to Universitatea Craiova, Petrolul remaining in some kind of mediocrity.

The immediate promotion was forbidden by Viitorul Scorniceşti, the football club from the native town of Nicolae Ceaușescu, which was strongly pushed forward to Divizia A by the communist authorities, in power at the time, a concrete proof being that FC Olt promoted from Divizia C after an 18–0 victory against the team ranked 15th, while Flacăra Moreni won only 2–1, in a match played at the same hour, against Rova Roşiori.

In 1980, Petrolul brought a new coach in the person of Traian Ionescu, a very experienced coach with teams like Dinamo București or Fenerbahçe in his CV, but another thing would ruin the promotion dreams, CS Târgoviște succeeded in that year a sensational transfer, nicknamed as The Gander or The Prince of Trivale and being one of the most important names ever given by the Romanian football, Nicolae Dobrin came in Târgoviște after 19 years spent in Pitești, making a decisive contribution for the promotion of his team and ruining the plans of the yellow wolves.

Petrolul promoted in 1989 and finished on the 4th place in its first season, helped also by the dissolution (in the winter of 1990) of Victoria București, club sponsored by the Romanian Ministry of Internal Affairs (the "Miliția", Police), institution under the former Communist regime.

At the end of the 1990–91 season, Petrolul finished 7th and in the Romanian Cup they were eliminated in the second round proper by their bitter rivals Steaua București.

"The Oilmen" saved from relegation in the last moment at the end of the 1992–93 season, finishing 16th out of 18, with two points over Selena Bacău and four over CSM Reșița.

In the 1994–95 season, despite a mediocre league result (10th place), coached by the same Marin Ion, Petrolul won the 1994–95 Cupa României after defeating their rivals, Rapid București, at the penalty shootout and qualified for the 1995–96 UEFA Cup.

In the European competition they eliminated Welsh side Wrexham, in the first round, after a 0–0 on the Racecourse Ground and 1–0 victory on the Ilie Oană Stadium, goal scored by Pârlog in the 60th minute.

The slow start would announce the early elimination, in the second round, when Austrian side Rapid Wien won 3–1 on aggregate after a 3–1 on the Gerhard Hanappi Stadium and a 0–0 draw in Ploiești.

In the league Petrolul ended again in the top half of the table, on the 6th place and in the cup, was eliminated in the quarter-finals, by Național București, at the penalty shootout.

In the early 2000s, Petrolul entered under the ownership of Petrom's trade union president, Liviu Luca, and ploieștenii have a peak at the end of the 2000–01 Divizia A, when the team finished on the 2nd place.

[15][16] Petrolul started the 2010–11 season with important changes, the young squad has been completed with some experienced players as Pompiliu Stoica, Florentin Dumitru or Daniel Oprița and moved for its home matches on Conpet Stadium from Strejnicu, near Ploiești, facilitating easier access for the supporters, new Ilie Oană Stadium, being still in construction, also the team was moved from the first to the second series of the second league and after a heavy fight in 3 teams, against FC Bihor Oradea and CS Mioveni, Petrolul promoted from the 1st place, 1 point ahead FC Bihor, team that also occupied a promotable place after 7 consecutive Liga II seasons and 2 points ahead CS Mioveni, which subsequently promoted by taking advantage of the financial problems of FC Bihor.

The team received consistent media attention after signing former Romanian internationals Adrian Mutu and Ianis Zicu in January 2014,[19] a move which would later be considered a "failure".

[23] In the next season's European participation, "the Yellow Wolves" confronted Czech club Viktoria Plzeň in the Europa League third qualifying round.

[25][26] On 25 November, president Daniel Capră, general director Marius Bucuroiu and five other persons faced preventive detention for 24 hours, being suspected of tax evasion and money laundering.

[35] After three failed attempts to return to the Liga I and with worsening competitive results each year, Veolia stopped fully financing Petrolul and only offered to become a sponsor from the 2021–22 season,[36] a position from which it also withdrew at the start of 2022.

In spite of the economic issues that arose from Veolia's departure, the squad led by head coach Nicolae Constantin managed to end the Liga II campaign as champions.

In March 2023, the association of former players which controlled the club stepped down and former CFR Cluj and Universitatea Craiova president Marian Copilu was announced as the new owner.

Petrolul Ploiești has a large and steady fan base in Prahova County and its attachment to the team is renowned in Romania, in spite of the ups and downs.

Other supporter associations, such as Liga Suporterilor Constantin Tabarcea (LSCT), Asociația Diaspora Galben Albastră (ADGA), T2 or Young Wolves are located in the Second Stand of the stadium.

The following year, Rapid won its first national title after a match played on the old Ilie Oană Stadium; these events are believed to have ignited the rivalry further.

[43] Due to the fact that this rivalry is the oldest for Romanian teams still active, it entered into the collective consciousness as the Primvs derby (Latin for "first" or "foremost").

Petrolul fans also hold grudges against the other historically prosperous Bucharest teams, namely FCSB, Dinamo, and CSA Steaua.