The team plays its home matches at Bislett Stadium, and the head coach is currently Jan Halvor Halvorsen.

Lyn has traditionally been perceived as representing the upper and middle classes, whereas the eastside club Vålerenga was seen as belonging to the workers.

The Norway national football team that won the bronze medal at the 1936 Summer Olympics included six players from Lyn.

At the 1936 Summer Olympics, six Lyn-players, Arne Brustad, Øivind Holmsen, Fredrik Horn, Magnar Isaksen, Jørgen Juve and Frithjof Ulleberg, represented the Norway national football team that won the bronze medal, with Juve as the team's captain.

During the next 30 years, Lyn was swiftly relegated and promoted between the first and the third tier and the club was never playing in the top division for more than three consecutive seasons.

In 2000, the team was promoted to the Premier League, after winning the First Division with an unprecedented number of points, and they retained their spot in the top flight the following year.

In the 2002-season a strengthened Lyn took the lead early on and had gained a large advantage halfway through the season, but had to settle for a 3rd-place finish after a disastrous slump in form and the controversial appointment of new head coach, Hrvoje Braović.

2004 was a recovery year for Lyn, ending the season in 6th place and reaching the Norwegian Cup final (lost to Brann).

In April, the club's talented Nigerian midfielder Mikel John Obi signed a contract with Manchester United, and according to a statement by Lyn's managing director Morgan Andersen, it was the most expensive transfer in Norwegian football to date.

On 10 October 2008, Chelsea announced on their website that they were initiating legal proceedings against Lyn Oslo and their former director Morgan Andersen in an attempt to recover the entire £16 million fee paid.

The football association then awarded Lyn the licence formerly held by the reserves, allowing the club to play the 2011 season in the Fourth Division.

Led by Finn Bredo Olsen, Lyn secured promotion to the 3. divisjon, after a perfect season with no losses or draws.

[4] On 30 September 2012, Lyn secured promotion to the 2. divisjon, after beating Lommedalen 9–0 in front of 2,113 spectators at Frogner Stadion.

Source:[6] Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.

The name of the club and the date and year of its founding were written in gold on a white background, violating the so-called rule of tincture.

After the 2009 season FC Lyn made the decision to move from Ullevaal Stadion to Bislett Stadium.

Following the bankruptcy in 2010, Lyn's fans gathered around the club's surviving team moving their home games to Frogner Stadion, which has a capacity of 4,000.