The club was founded on 2 January 1921, by sportsmen from the Italian colony of Belo Horizonte as Societ Sportiva Palestra Itlia. As a result of the Second World War, the Brazilian federal government banned the use of any symbols referring to the Axis powers in 1942.

One of the most exciting seasons of the Brazilian league ended Wednesday with the most stable team of the season defending its title and the club that was home to the late Pel relegated for the first time.

In international club football, the Big Green has won the first ever international tournament known as Copa Rio in 1951, the 1999, 2024 and 2024 Copa Libertadores, the 2024 Recopa Sudamericana, and the 1998 Copa Mercosul.