The club was founded on 10 February 1902[1] and named after Grani of Norse mythology.

The men's football team was a contender on national level before the Second World War, playing a number of seasons in the League of Norway.

The club participated in the short-lived cooperation project FK Arendal.

In 2010, Grane was ready to form another cooperation team, this time together with IF Trauma of Tromøy.

Individual sportspeople include athlete Hans Olav Uldal and orienteer Jørgen Rostrup.