The team once won the Montenegrin Cup trophy and played three seasons in the UEFA Europa League.

The name "Čelik" was given in memory of Petar Saveljić, who had worked at the local steel mill before playing football with Savo Pejović.

On season 1997/98, they were close to First League promotion, but failed to qualify, finished with only one point less than first-placed Mogren.

In the finals, on 23 May 2012, FK Čelik defeated First-League side Rudar – 2:1 (2:0) and won their very first and, by now, the only national trophy.

[4] Winning the cup allowed the club to enter the 2012–13 UEFA Europa League qualifying phase, where they beat Bosnian powerhouse Borac Banja Luka on away goals (1:1, 2:2).

Facing Ukrainian club Metalurh Donetsk in the second qualifying round, the team garnered even more attention from the local media as the players and staff traveled from Nikšić to Donetsk (2,143 kilometers) by bus, which, after being denied entry to Moldova,[5] lasted approximately 70 hours on the road.

[6] The team, having arrived in Donetsk on the same day of the match, lost the first leg 7–0, giving Metalurh its most historic win in UEFA competition.

[7] While Čelik played with much more resistance in the second leg, the team was eliminated from the UEFA Europa League after the game ended 2–4 for Metalurh.

In 2022, the club was refounded by supporters and a former footballers and in the 2022–23 season competes in the lowest tier, the Montenegrin Third League.

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

Below is the list of players which, during their career, played for Čelik and represented their countries at the full international level.