Lierse was relatively successful in the first division until the end of World War II, winning two titles and finishing only four times outside the top five.

The club was bought by Egyptian businessman Maged Samy, who also owns KV Turnhout and Wadi Degla in Egypt.

With 30 goals, he was the topscorer of the Belgium national football team together with Paul Van Himst, until Romelu Lukaku (who played in Lierse's youth squads) surpassed this record.

On 6 March 1906, during a meeting in a local pub called De Roskam a football club was founded, named Liersche Sportkring.

Lierse was born and a first board was established: Gerard Quaeyhaegens as chairman, Gust van den Roye as secretary and Georges Peeters as Treasurer.

Five years after reaching the national levels, in 1927, Lierse became champions in division 1 the second tier of Belgian football, with a 2 points advantage over RSC Anderlecht.

This first spell in the top tier proved to be very successful immediately as Lierse became champions for the first time in 1932.

In the 12 seasons that followed they finished only 1 time outside the top 5, becoming runner up in 1935 and 1939, and winning the championship again in 1941 (unofficial due to World War II) and 1942.

These facts, combined with some of the older players retiring caused the club to decline until they finished bottom of the league in 1948.

Two weeks earlier, Lierse had lost 0–2 at home to the far superior Leeds United in the first round of the UEFA Cup.

The hotly tipped favourites, Club Bruges, were surprisingly beaten to the title by Lierse.

In May 2018, owner Maged Samy and David Nakhid failed to agree on terms for a possible acquisition, making the future of the club uncertain.