Founded in 1956, the club collected the Red Lions moniker in reference to a pub in the Northern New South Wales town of Glencoe.

Red Lion Reserve Grade sides have claimed twelve premiership victories many of which came during extended periods of dominance through the 1980s and more recently in the new millennium.

Currently with eight teams and approximately 250 registered players, the Red Lions are regarded as one of the largest amateur Australian rules football club in Queensland.

2009 represented another year of growth for the club, with unprecedented player numbers allowing the creation of a fourth adult side for the first time.

At the completion of the 2012 season AFL Queensland offered University a promotion into the Allied Pickfords Cup and recently retired club-captain Matthew Stewart took the reins as senior coach.

The Wests Juniors club in nearby Toowong are partners in a joint initiative Under 18 squad, the UQ Bulldogs.

The following players have received Green & Gold selection in the team of the carnival:[3] Adam Pearce, Anthony Lee & Sebastine Isu (1993), David Coxen (1996), Michael Swann (2009 & 2012), and Jared D'Roza & Madi Crowley (2013).