Gregor Tomc and Peter Lovšin, two young men from the Ljubljana suburb of Kodeljevo, came up with the idea of forming a band in 1977.

Some of the first original songs by the band that became popular were: "Za železno zaveso" (Behind the Iron Curtain), "Anarhist" (Anarchist), and "Lublana je bulana" (Ljubljana is Sick).

In 1996, the group temporarily reunited to perform as a support act for the Sex Pistols concert in Ljubljana during their Filthy Lucre Tour.

In 2003, Pankrti were included in the 2003 Yugonostalgic Croatian rockumentary Sretno dijete, which deals with the former Yugoslav punk and new wave scene of the late 1970s and early 1980s.

The band's founding members, Gregor Tomc and Peter Lovšin, who is now a solo artist backed by the band Španski borci (Spanish Fighters, referring to Yugoslavs who fought for the Republicans the Spanish Civil War), announced Pankrti's reunion concert in the Hall Tivoli for December 1, 2007 as a celebration of their 30th anniversary and it immediately sold out.