The club was previously known as Air Source Development and is currently affiliated with Fu Jen Catholic University.

The club formed as Air Source Development FC and first entered the Intercity Football League in 2013.

The club struggled in its early years, regularly having to play in qualification rounds in order to preserve its top flight status.

For the newly revamped 2017 Taiwan Football Premier League, Air Source Development changed their name to Hang Yuan F.C.

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