From the start, the club has emphasized the importance of youth development and for the first years Fylkir did not field a senior team.

The senior team took first part in a national competition in 1972 and became that year second in their heat in the Icelandic 3. division.

In 1996, history reapeted itself for the third successive time, Fylkir occupied the club's seemingly beloved ninth place and was once again relegated to Division Two.

In 2001, Fylkir won the Icelandic Cup for the first time, but finished fifth in the Premier League after leading the competition for the first two-thirds of it.

In the UEFA cup, Fylkir won Pogoń Szczecin from Poland 2–1 in the club's first European game.

Forty years after its establishment, Fylkir is still a club with strong roots in its neighbourhood and the majority of its players and staff are born and bred in Arbaer.

Fylkir also reached the VISA-Cup semi-final but a shocking loss to 1st Division team Fjölnir ended their hopes for a third Cup win during the decade.

In the first round of the 2008 Intertoto Cup, Fylkir managed a 2–1 first leg victory in Latvia against FK Rīga.

Gylfi scored in the first match, but struggled with injuries and was forced to retire from football at the end of the season.

Some Icelandic football experts predicted that Fylkir would have a very difficult season, and named them as one of the favourites to get relegated.

But the 2012 season turned out to be fine as the team finished 7th and where actually only few seconds away from reaching 6th, but Grindavik equaliser against Fylkir in the 95-minute of the last game prevented that from happening.

But a remarkable second round saw the club slowly reaching out of the relegation spots and get into a more comfortable position.

The big turnaround is largely thanks to the board's decision to keep Ásmundur Arnarsson as a manager and some player changes made in the transfer window.

Local hero Ásgeir Börkur Ásgeirsson returned after a loan spell at Norwegian club Sarpsborg 08 FF and made an instant impact with an explosive performance against Valur in his first game.

But undoubtedly the best player of the season was striker Viðar Örn Kjartansson who finished one of the league top scorer with 13 goals.

Men: Women: As of 1 April 2020 Besides football, Fylkir participates in volleyball, handball, gymnastics, and karate.

Since then the Icelandic Football Association has changed the rules, which left Fylkir with a stadium that met no requirements.

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

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