In its first season on the second level, Oostende were immediately promoted again, to the first division, where it would achieve its best result in the club history: a seventh place, in 1993–94.

In the spring of 2016, the main tribune of the Albertparkstadion was rebuilt and the stadium was renamed the Versluys Arena with the capacity increased to 8,432.

Oostende was unable to go any further in the competition after losing 4–2 in France on 17 July 2017 and only securing a goalless draw at home on 3 August 2017.

While Oostende were clear underdogs, the KVO supporters filled the visitor section of the Stade Vélodrome in Marseille, proud of the team's qualification after having only been promoted to Belgium's first division a few years ago.

[9] On 16 May 2024, it was announced that the club would file for bankruptcy on 3 June 2024 due to the failure to obtain a professional license, an insurmountable debt burden for the Belgian Division 2, and a failed takeover.

On 13 June, it was revealed that newly promoted third-tier club KSV Diksmuide intended to collaborate with the city of Ostend to form a new team under the name Koninklijke Voetbalclub Diksmuide-Oostende.