[2] In 1993 the league agreed to expand by an extra two teams, and improved road links to Inverness now meant that competing in national competitions was more possible.

On 25 February 2007, Inverness's run of cup victories over Celtic came to an end following two goals in the last two minutes of their fifth round tie at Caledonian Stadium.

Having led 1–0 for the majority of the game thanks to a Graham Bayne goal, Steven Pressley equalised before Kenny Miller netted the winner in stoppage time.

[10] However, another victory against Celtic occurred on 16 December 2007, this time in the league, when the team came from being 2–0 down to win 3–2, with goals scored by John Rankin, David Proctor and Don Cowie.

However, the greatest achievement was on the final day of the season, when Inverness defeated St Johnstone 3–1, with goals from Paul Ritchie, David Bingham and Barry Wilson and, as a result, pipped Clyde to the First Division title.

Caledonian Stadium did not meet this criterion, leaving the club's Board with a dilemma: either to remain in the First Division (like Falkirk the previous season) or to groundshare with Aberdeen, over 100 miles (160 km) away.

[11] The club returned to playing in Inverness, defeating Dunfermline 2–0 in their first SPL game in their own ground on 29 January 2005, thanks to goals from Barry Wilson and then player-manager Craig Brewster.

[20] As part of the push for promotion in the 2009–10 season, Inverness went on an unbeaten away run in the league that continued through the entire 2010 calendar year, culminating in a 1–1 draw against Hearts at Tynecastle on 18 December.

Victory over Highland derby rivals Ross County[22] on 16 March elevated Inverness CT onto an almost unassailable points-total in their quest for a maiden 'top-6' finish.

Ultimately, Inverness CT finished in 4th place, narrowly missing Europa League qualification on the final day of the season, succumbing to a 1–0 defeat from local rivals Ross County.

On 11 November 2013, Hibernian reached a compensation deal with Inverness for Terry Butcher to move to the club, alongside assistant manager Maurice Malpas.

Jamie Hamill then scored 2 goals in 2 minutes and gave Hearts hope of reaching their second League Cup Final in two years.

Inverness finished the season with a 2–0 win over St Johnstone thanks to second half goals from Ryan Christie and Greg Tansey.

Between May and September 2014, Inverness kept a series of consecutive clean sheets, enabling them to achieve a club record of 616 minutes without conceding a goal.

[20] Inverness Caledonian Thistle capped an extraordinary 2014–15 season by winning the Scottish Cup Final against Falkirk at Hampden Park.

[32] The team failed to carry the form from the previous season due to the loss of key players such as Marley Watkins, Graeme Shinnie and Edward Ofere.

In tribute, a minute's silence was held at Inverness' first home game of the 2018–19 Scottish Championship season against Ayr United which ended in a 0–0 draw.

The club beat rivals Ross County to progress into the quarter-finals of the Scottish Cup, and reached the semi-final after a last gasp winner from Aaron Doran against Dundee United.

In the first leg, at home, they lost 1–0 while down to 10 men after Liam Polworth was handed a straight red for an apparent high foot on Mark Connolly while making a clearance.

The League Cup campaign was poor: an 11–10 loss on penalties to Peterhead was followed by wins over Raith Rovers and Cove Rangers, but for the third year on the trot the club failed to progress to the next round.

By the end of February, the club was close to securing a second-place finish, and potentially even winning title ahead of Dundee United, who were dropping crucial points.

In the 2021–22 season, Inverness finished in fourth place, despite going through an 11-game winless spell between December and early March, and ultimately made it to the Premiership play-off final, but they were beaten 6–2 on aggregate by St Johnstone.

[42] Following relegation, the club announced it was remaining full time, in addition to a highly controversial move of training facilities 136-miles south to Kelty Hearts' New Central Park.

By far the biggest game between the two was the 2014 Scottish League Cup Final at Celtic Park, where Inverness held Aberdeen to a 0–0 draw, but ultimately lost 4–2 on penalties.

The game had been switched to Dundee as the club's home ground (Telford Street Park at that time) was deemed unsuitable for the Scottish Cup quarter-final tie.

He also introduced new training regimes to increase player fitness and was successful in steering the club to good results against a number of established Premier League sides, including Rangers, Celtic, Motherwell, Hearts and Hibs.

Terry Butcher managed in over 200 matches for the club, the 100th taking place on Friday 6 October 2012, in the 3–1 win over Ross County[65] in the first SPL Highland derby.

[66] In November 2013, after nearly five years at Inverness, Hibernian reached a compensation deal with the club for Terry Butcher to move to Easter Road alongside assistant manager Maurice Malpas.

However the club ended up embroiled in an unsuccessful relegation battle as they lost 5–3 to Hamilton Academical over two legs of the playoff final, dropping into the third tier for the first time since the 1998–99 season.

On October 22 2024 the club entered administration, leading to the departure of Duncan Ferguson, his assistant Gary Bollan and goalkeeping coach Stuart Garden the following day.