In a seven-year period between 1997 and 2003, the club won a number of titles relying on Japanese players instead of foreigners who may leave on a transfer during the middle of the season.

In 1999, Júbilo were also crowned Champions of Asia after winning the final match against Esteghlal in front of 121,000 spectators at the Azadi Stadium.

Without similarly skilled replacements coming through the youth team or from outside, Júbilo's power started to fade, and in 2007 the club ended the season in a record worst position of 9th.

On 19 October 2022, Júbilo Iwata announced through their media accounts that for both transfers windows of the 2023 season, the club would be unable to make new signings after a ban was imposed by FIFA and the CAS.

The ban, however, didn't applied to youth team promotions of Júbilo's academy system, and for players returning from loan transfers.

Nonetheless, just a year later, Iwata eventually made a swift return to J1 for the 2024 season by finishing as runners-up of the second-tier, obtained a 2–1 away win in the final matchweek of the season against Tochigi SC on 12 November 2023 and favoured by results of another matches in the same day.

[8][9] On 1 March 2024, Ryo Germain scored 4 goals in a memorable 5–4 league away win against Kawasaki Frontale.

[10] The club also have rivalries with both Kashima Antlers and Yokohama Marinos, with whom they traded the Japanese league championship since the late 1980s.

Júbilo also competed with another Shizuoka club, Fujieda MYFC in 2014 Emperor's Cup as well as 2023 J2 League, all won by Iwata side.

For big fixtures such as the Shizuoka Derby with Shimizu S-Pulse and against some of the top teams in J1, Júbilo would play at the much larger Ecopa Stadium in Fukuroi City, a venue built specifically for the 2002 FIFA World Cup finals.

Ogasa and full of greenery, is the largest multi-purpose stadium in the prefecture, boasting a fully equipped facility that can accommodate 50,000 people.

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

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