The Knights play their home games at Addition Financial Arena located on the university's main campus.

The Knights reached the Elite Eight in 1982, and won the 1980 AIAW Division-II Florida State Championship, before losing their first game in the national tournament.

During the 1979–80 season, the Knights had a record of 23–9 and won the AIAW D–II Small College Florida State Championship.

They moved to the NCAA during the 1982–83 season, initially in Division II, along with the rest of the Sunshine State Conference.

In 1996–97 season, UCF hired Lynn Bria as their women's basketball head coach, and the team began to see more success.

In 2005–06, the Knights moved to Conference USA, and the women's basketball team struggled mightily, resulting in Striegler being fired and replaced by Joi Williams.

But after a 2–11 start in 2008–09, they surprised C-USA by dominating, tying with four other teams with the second-best in-conference record of 11–5 (falling to the fifth seed due to their out-of-conference woes).

In the Conference USA Tournament, they beat Rice (66–64), Houston (79–66) and SMU (62–51) in order to face Southern Miss in the Championship game.

In her first year in 2016–17, Coach Abe would instantly improve the team with a 21–12 record as well as the program's first WNIT appearance where they would advance to the second round.

In the AAC Tournament, UCF would beat Tulsa (69–54) and dominate SMU (61–28) before facing their rival, USF, in a championship rematch from the season before.

Furthermore, in the NCAA Tournament, UCF would advance to the second round for the first time in school history with a 69–52 victory over Florida and fell just short to UConn, losing 52–47.

Messer won the national championship in 2019 as an assistant with Baylor, and made the Final Four as a player with Arkansas in 1998.

During the 2010–2011 season, a group of students started a new tradition; if a UCF player makes all of his/her free throws, the chant would be followed by "ballin".