Playing under difficult conditions on natural ice for the first thirty years, success was limited to the odd foray into the second tier of the hockey league.

In the spring of 1994, after the Olympics was over, Lillehammer beat local rivals Storhamar Ishockey in the playoff finals to claim their first, and to date only Norwegian Championship.

Today the club is known for a good youth department, helped on by the hockey college NTG, producing players such as current Chicago Blackhawks player Andreas Martinsen, former Columbus Blue Jackets and Philadelphia Flyers forward Ole Kristian Tollefsen, and Per Åge Skrøder, formerly with MODO Hockey of the Swedish Elite League.

On the 18 November 2017, the club hosted an event called Hockey Classic, a game between Lillehammer IK and their rival Storhamar in Håkons Hall.

On 17 November 2018, a new Hockey Classic took place, with over 9000 spectators experiencing Lillehammer beating Storhamar 3-2 after an impressive homecoming from Alexander Reichenberg.