[5] During World War II, football competitions in Crete were suspended, with many OFI players joining the fight, some of whom lost their lives.

This created a challenging situation for OFI, as teams from other regions had to go through multiple preliminary rounds before they could compete in the national championship.

During this period, OFI remained unbeaten at home, including against league heavyweights like Panathinaikos, Olympiacos, AEK, and PAOK, who found it challenging to secure points when visiting Crete.

The transformation of Greek football into a professional competition in the 1979–80 season coincided with the arrival of the Vardinoyiannis family as majority shareholders of OFI.

However, the strategy of relying on young, untested players continued to yield inconsistent results, and OFI finished in 8th place that season.

The following season, OFI's fortunes improved under a new coach, who managed to harness the potential of the team, turning them into a more competitive force in the Greek league.

On 21 June 1987, Gerards led OFI to one of its greatest achievements: winning the Greek Cup by defeating Iraklis 3–1 on penalties at the Olympic Stadium in Athens.

The 1987–88 season was historic for another reason: it marked the first time OFI finished above Panathinaikos, including a memorable 2–1 win in Heraklion, with a last-minute goal by Stefanos Vavoulas.

[16] On 7 June 1989, OFI added to its trophy cabinet by winning the Balkans Cup after defeating FK Radnički Niš 3–1 in Serres.

One of the most memorable moments in Greek football came on 27 May 1990, when OFI made an incredible comeback, overturning a 4–0 deficit against Olympiacos at Karaiskakis Stadium to win 4–5.

[18] In 1992–93, OFI returned to form, finishing 4th in the league and qualifying for the UEFA Cup, where they made headlines by eliminating Slavia Prague and Atlético Madrid before being knocked out by Boavista.

In 2000, after 15 glorious years, Gerards announced his retirement from the OFI bench, capping an era that saw the club consistently rank among Greece's elite teams.

[22][23] The early 21st century was a time of transition for OFI, as the club navigated a series of challenges while maintaining its position in the Greek Super League.

The retirement of key players such as Nioplias and Machlas led to a period of rebuilding, with the team making adjustments to its roster and management.

Although 2001 proved to be a difficult year, with OFI fighting to remain in the 1st League, the following seasons saw gradual improvement, as the club managed to secure safety from relegation with increasing consistency.

[24] Maurer revitalized the team's style of play, and for the first time since the Gerards era, OFI was in contention for a European spot.

However, the 2007–08 season proved to be another test, and after a difficult campaign, Maurer was replaced by Giorgos Paraschos, and later by Czech coach František Straka.

The fans called for President Vatsinas to step down, and former player Machlas expressed his interest in purchasing the club, offering significant financial support.

Following the season, some senior players filed claims over unpaid wages, leading to their departure, but the club remained determined to rebuild and return to its former standing.

During the 2014–15 season, the club fell behind in the league standings, and on 21 March 2015, OFI withdrew from professional competitions due to the administration's inability to meet financial obligations.

[31] In a touching moment, the 15 remaining players took to the pitch at Theodoros Vardinogiannis Stadium to bid farewell to OFI's loyal fans.

[34][35] In response, the professional football department merged with its parent sports club, and a new leadership took over, initiating a fresh start.

This allowed OFI to compete in the amateur Gamma Ethniki (third tier) under a new administration, free from the financial burdens of the past.

The brothers both served on the teams Board of Directors on behalf of the Palivos family of Las Vegas, Nevada & Chicago, Illinois.

On 22 June 2020, Michael Bousis bought out the shares of the Palivos family and became again the majority owner of OFI Crete FC.

After narrowly avoiding relegation in the 2018–19 season through the playoffs, OFI made a significant leap in 2019–20, finishing 5th and qualifying for European competition for the first time in 20 years.

The perfect circle symbolizes a complete world, a new football ethos, and the vision of the people of OFI for the team and the island of Crete.

Despite the loss, the event was historic, as OFI had finally acquired a permanent "home" to host its loyal fans and support the growing football culture in Iraklion.

The stadium was built on the site of former Christian, Jewish and Armenia cemeteries, and the pitch area still contains remnants of large gun emplacements from the World War II occupation by German forces.

Further evidence of improving relations came when Ergotelis loaned their legendary scorer, Patrick Ogunsoto, to a financially struggling OFI in the Beta Ethniki (second division) for no fee, to help the club in its bid to return to the Super League.