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.

The FIFA Council has unanimously approved the key principles of the new 32-team FIFA Club World Cup!", which will be played every four years as of June 2025. The last edition of the tournament to be played with the old format will take place in Saudi Arabia in December 2024.

Palmeiras is one of the most successful clubs in Brazilian football. The team has won 14 national competitions, more than any other club in Brazil. The club's most important titles are 2 Copa Libertadores, 10 Brazilian National League Titles and 4 national cups (3 Copa do Brasil and 1 Copa dos Campees).