Pioneers of basketball in Čajetina, Sead Begović, and Radomir Raković among the others founded KK Zlatibor on 19 September 1979.

After group phase and matches against Crvena Zvezda, Borac, Mega Bemax, Tamiš, and Mladost, the club advanced to the playoffs with a 4–6 record.

Zlatibor recognized four former players for great achievements in the club's history as the Legends: Sead Begović, Radomir Raković, Želimir Džambić, and Duško Pantović.

In April 2022, Zlatibor won the ABA League Second Division for the 2021–22 season following a 78–73 overtime win over MZT Skopje Aerodrom.

[6] In June 2022, the club added retired NBA Player Nikola Peković to its managing board.