The modern club was established in 1972, and in the mid-1990s was playing in Liga Gimel, the lowest tier of Israeli football.

In January 2010, the city council published plans for a 7,500-capacity new stadium in Lev HaPark neighborhood.

After a single season in the top division, in which the club finished at the second bottom place, Ra'anana were relegated to Liga Leumit.

After three seasons in Liga Leumit, in 2012–13, Ra'anana finished runners-up and were promoted again to the Israeli Premier League.

In the 2015–16 season, the club achieved its best placing to date, when they finished sixth in the Israeli Premier League.