Under the leadership of the legendary duo of Nikos Galis and Panagiotis Giannakis, Aris was the dominant force in Greek basketball during the 1980s and early 1990s.

Well-known notable players that have played with the club over the years, among others, include: Nikos Galis, Panagiotis Giannakis, Nikos Filippou, Lefteris Subotić, Miroslav Pecarski, Stojko Vranković, Mike Jones, Walter Berry, Edgar Jones, Roy Tarpley, Reggie Theus, Panagiotis Liadelis, Harold Ellis, José "Piculín" Ortiz, Mario Boni, Žarko Paspalj, Martin Müürsepp, Tiit Sokk, Mikhail Mikhailov, Joe Arlauckas, Giorgos Sigalas, Andrew Betts, Nikos Chatzivrettas, Nestoras Kommatos, Will Solomon, Michalis Kakiouzis, Dimos Dikoudis, Mahmoud Abdul-Rauf, Jeremiah Massey, Kostas Papanikolaou, Kostas Sloukas, Dinos Mitoglou, Aleksandar Vezenkov, Bryant Dunston and Vasileios Toliopoulos.

In those days, the teams shared a single open-air court, and Aris competed in the local Thessaloniki regional championship, which it won 5 times, in the years 1926–30.

During these first steps of the sport, it was significant also the contribution of the Armenian community of the city, with players like Exoutzian, Daneilian, Benlian, Marasian, Kontaxian, Karabetian, Isujian and Jamjian.

In that year, Aris won their first Greek League championship in the modern era, largely through the inspired play of Charis Papageorgiou, and the coaching of Giannis Ioannidis, an ex-player of the team.

Galis, the son of Rhodian immigrants from New Jersey, signed on to the team in October 1979, and played his first game against Iraklis in December of that year, scoring 30 points.

A taste of things to come, however, had been offered during Aris' games against Maccabi Tel Aviv in the qualifying round for the first-tier level FIBA European Champions Cup (EuroLeague), in the fall of 1983.

The back court combination of Galis-Giannakis first came to European prominence at the 1986 FIBA World Championship in Spain, where upstarts Greece performed surprisingly well, while Galis won the top-scorer of the tournament award.

Having been unceremoniously eliminated by Limoges CSP of the French League in 1985 (1985–86 season), Aris was arbitrarily paired against Tracer Milano in the qualifying round.

Aris, sporting Nikos Galis, Panagiotis Giannakis, Lefteris Subotić, and a third rate American player, Jackson, managed an unbelievable win in Thessaloniki, by 31 points, almost assuring the elimination of Tracer, and an advancement into the final group of the 6 best European teams.

Aris (chiefly through the play of Nikos Galis) elevated the measly standards that previously existed among Greek teams, to new heights that demanded the attention of the sports fans.

What followed left bad memories for many PAOK fans: Aris' Panagiotis Giannakis scored a quick two-point basket, reducing the deficit to two points.

With the exception of advancing to the semifinals of the FIBA European Cup of 1994, those two seasons (1993–94, 1994–95) were marked by players (Panagiotis Giannakis, Vangelis Vourtzoumis, Miroslav Pecarski, Vassilis Lipiridis, and Michail Misunov) filing lawsuits against the team, for not receiving their salaries and bonus incentives.

Repeated wrong choices of foreign players, changing of coaches, as well as inept management by the ownership, were the highlights, rather than success on the court.

Well-known Terry Catledge fled the team, Sam Vincent and Sean Higgins were released, while other inappropriate player choices, such as Anthony Frederick and Chris King were made.

Panagiotis Liadelis and Dinos Angelidis, along with the unexpectedly good Harold Ellis, started to draw the crowds back into Alexandreio Melathron.

José Ortíz, Charles Shackleford, Tzanis Stavrakopoulos, Floros, Mario Boni, Papadatos, and Cholopoulos joined the team, which, all of a sudden, appeared to be very strong and with exceptional depth at every position.

Centuries old passions and nationalistic enmity resurfaced, as the Turks, feeling assured of the Korać Cup win at that stage, were waiting to give the final blow in Bursa.

Having retained all but one (Charles Shackleford) of its main players, and having signed Žarko Paspalj, Tiit Sokk, and Nasos Galakteros, the talent was still there, although rebounding problems were sure to appear.

Qualification for the EuroLeague was critical that season, but not many of Aris' fans believed it was a realistic goal, as Olympiacos, AEK, and Panathinaikos seemed to be way ahead in terms of personnel and financial status.

The leadership of Lefteris Hatzopoulos ended, Efthimis Kioumourtzoglou was no longer the team's head coach, and Aris was in God's hands, while some of the most dramatic moments in the club's history were taking place.

Aris proceeded on to the Greek Cup Final against rival Panathinaikos, whose task was much easier, as they had only needed to overcome Irakleio in the other semifinal.

However, Aris' fans renewed their rendezvous for the upcoming final four of FIBA Europe Champions Cup, that was going to take place in Alexandreio, at Thessaloniki.

In front of 6,000 fans, that filled the Alexandreio Melathron stadium, as early as two hours before the starting jump-ball, Aris hosted KK Hemofarm of the Serbian League, for the semifinal game of the competition, on 2 May 2003.

Aris' players were able to remain concentrated on the game, and were able to pull out the victory, by a score of 73–70, giving the club its 8th Greek Cup title.

On the other hand, though, that same season, Aris was eliminated in the FIBA EuroCup by fellow Greek League club Maroussi, and its rising star player, Vassilis Spanoulis.

The club was eliminated in a fashion that, was at the time, the worst possible scenario for both the team's players and fans, as Aris lost in the playoffs once again to AEK Athens.

But what made the loss even more painful, was that AEK managed to secure the clinching series victory at Aris' home arena, the Alexandreio Melathron.

Aris proceeded from the group phase to the Top 16 stage, where the team eliminated fellow Greek club Panionios, in a two-game series.

Aris was placed in Group C, along with CSKA Moscow, FC Barcelona, Benetton Treviso, Pau Orthez, Eldo Napoli, Fenerbahçe, and Žalgiris Kaunas.