Iona University has been competing in Division I basketball since the school's inception in 1940.

Iona is also one of the founding members of the Metro Atlantic Athletic Conference, which began play in men's basketball with the 1981–82 season, having been passed over by the Big East Conference for Seton Hall in 1980.

In 2011, the Gaels made it to the final game of the CIT post-season tournament, losing at home to Santa Clara.

Iona's only NCAA Tournament victory to date, which took place in 1980, was vacated by the NCAA due to their star Center, Jeff Ruland, having signed a contract with an agent for professional representation a few months prior.

The Gaels first five losses in NCAA tournament play were by a combined 11 points, including a heartbreaking buzzer-beater by Syracuse University in 1998.