[4][5] Panama finished as runners-up at the CONCACAF Gold Cup in 2005,[6] 2013[7] and 2023, losing to the United States on the former two occasions and to Mexico in the latter.

Panama has also competed in the sub-regional Copa Centroamericana which they won in 2009, beating Costa Rica in the final (0–0 on full-time, 5–3 on penalties).

They easily beat Cuba 6-1 and qualified for the semi-finals with Blas Pérez and Gabriel Torres scoring two goals each.

In their last match, which was against the United States, they led 2–1 after 90 minutes and were assured to advance to a play-off against New Zealand, but conceded two goals in stoppage time and were eliminated, with Mexico taking the playoff slot instead.

The first 90 minutes ended in a 1–1 draw; Panama was then defeated 2–1 in extra time after referee Mark Geiger gave Mexico a penalty, which Andres Guardado also scored.

[10] Román Torres, who scored the winning goal in the 87th minute, was subsequently considered a national hero.

[11] The day after the match, the President of Panama Juan Carlos Varela declared a national holiday to commemorate the achievement, stating on his Twitter profile: "The voice of the people has been heard...

[12][13] The national football team of Panama were drawn in Group G, together with European giants Belgium and England and the African side Tunisia.

[15][16] Six days later, Panama faced England, and this time succumbed to a 6–1 defeat; Felipe Baloy's late goal was the nation's first at a World Cup, but it was not enough to save them from elimination.

Win Draw Loss Fixture The following players were called up for the friendly match against Chile on 8 February 2025.