It was named after two of its major sponsors, local companies Jolly and Jadranska banka.

Since its foundation, the club has achieved promotion in every season they have competed and in its last seasons (before the dissolve), they have played in the first tier of basketball in Croatia, the A-1 League.

For sponsorship reasons club carried the name "KK Jolly Jadranska Banka".

As famous club KK Šibenka bankrupted, KK Jolly became the most prominent basketball club in the town.

In July 2017, owner and president Josip Stojanović-Jolly reported that the club would not compete in any category of the Croatian basketball in the following season, and was officially dissolved later.