On 2 February 1998, Pamesa Valencia won its first Spanish national title, after beating Pinturas Bruguer Badalona, by a score of 89–75, in the final of the 1998 Copa del Rey, which was played in Valladolid.

Three years later, the club repeated the same success, but Montepaschi Siena won the final of the 2001–02 FIBA Saporta Cup, by a score of 81–71, in Lyon, France.

Before this first success in reaching the finals of the Spanish league's playoffs, Pamesa Valencia won its first European-wide title, by defeating Krka Novo Mesto in the 2002–03 ULEB Cup, which would then also allow the club to make its debut in the European top-tier level EuroLeague.

In its first EuroLeague participation, Pamesa Valencia qualified for the Top 16, but was eliminated there, after not contesting its game at Nokia Arena against Maccabi Tel Aviv, adducing security issues in Israel.

[5] On 18 April 2010, Power Electronics Valencia won its second European title, by beating Alba Berlin, 67–44, in the 2010 EuroCup Finals, which was played in Vitoria-Gasteiz.

On 5 June 2017, Valencia Basket qualified for its second Spanish Liga ACB Finals series, after defeating Baskonia in the semifinals of the 2017 national league playoffs.