Founded in 1970 as OFK Mladost, they were one of the numerous clubs from Podgorica which participated in the lowest competitive level in Montenegro at that time.

The first big success OFK Mladost made during the 1972–73 season was winning the title in the Fourth league.

That gained them promotion to the Montenegrin Republic League, a third-tier competition in SFR Yugoslavia football system.

The club's score in the Montenegrin Republic League seasons: In 2014, FK Podgorica was reactivated under the name OFK Mladost 1970.

Next year (2016), Podgorica won the Central Region Cup, defeating FK Gorštak in the final.

At the same time, they made a new club – OFK Mladost DG - as an affiliate partner, which aims to produce young talents for the FK Podgorica first team.

On their debut in the top-tier, Podgorica battled for European competition - both in the League and in the Cup, where they progressed to semifinals.

Next season, Podgorica begun with seven consecutive games without single defeat, and among them was victory against title-holder Budućnost (4–0).

With that result, team from DG Arena qualified for their first-ever appearance in European competitions – 2021–22 UEFA Europa Conference League.

The club's score after reactivation: As of match played 15 July 2021 Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.

In their first season after the reactivation, FK Podgorica played their home matches in the neighbouring Donji Kokoti.