Helmed by Arkady Chernyshev during the first decades of its history, Dynamo established itself as one of the top teams of the Soviet hockey league.

Throughout the Soviet era, Dynamo was among the top three teams almost every season, winning five championships and three USSR Cups.

[2] Under the guidance of director and president, Andrei Safronov, HC Dynamo was reported to have amassed a debt of 2 billion rubles (US$33 million) following the 2016–17 season.

With allegations of embezzlement, HC Dynamo's offices were raided by police in order to retrieve accounting documentation on 2 June 2017.

[5] With the players having not been paid in three months, former HC Dynamo board led by Safronov declared bankruptcy in order to escape the debt.