First years Oviedo CB was founded in 2004 in place of the old CB Vetusta—today dissolved. In their first season, 2004–05, the club started at
Liga EBA but was relegated to
Primera División after winning only six games out of 30. The club returned to the Liga EBA next season after achieving a 27–0 record. In the 2006–07 season, Ovideo was champion of Group A of the Liga EBA but was eliminated by
Ciudad Torrealta Molina in round 16 of the
LEB Plata promotion playoffs. In the next season, Oviedo finished again as champion of Group A and was promoted to the newly created
LEB Bronce league. In its first season in a professional league (2008–09), Oviedo finished in 14th position and avoided relegation to the
Liga EBA. However, after the elimination of the LEB Bronce, the club board decided not to advance to the
LEB Plata due to insufficient funds—instead opting to continue playing in the EBA. in the 2009–10 Liga EBA season. During its 2009–10 season at Liga EBA, Oviedo CB clinched the third title of Group A. After beating Atarfe,
CB Vic and
Real Canoe NC in the promotion playoffs, it advanced to the
LEB Plata. Following this season, the club was considered the best one of the Liga EBA, with only two defeats in the regular season and a 3–3 balance in the playoffs.
Playing in LEB Plata After promoting, the club needed to find funding to play the
2010–2011 LEB Plata season, ultimately doing so. FEVE Oviedo qualified for the promotion playoffs after finishing in the eight position of the regular season.
Promobys Tíjola defeated Oviedo in the quarterfinals by 3–1. On 1 February 2013, the team played in the
Copa LEB Plata but was defeated 71–78 by
CEBA Guadalajara. After this loss, the team was promoted to
LEB Oro after becoming champion of the
2012–13 LEB Plata with a win at
Gran Canaria B by 59–89 on 9 March 2013.
2013–present: growing in LEB Oro After its promotion to LEB Oro, Oviedo CB started playing in the second division of
Spanish basketball. The team's performance was a surprise, and it was one of the top teams in the league thanks to a strong performance at Pumarín, where it remained unbeaten for 15 months until
Ford Burgos won at Pumarín by 17 points. In its first season in LEB Oro, Unión Financiera Oviedo Baloncesto (its sponsorship naming) qualified for the promotion playoffs to
Liga ACB and defeated
Leyma Natura Básquet Coruña in the quarterfinals by 2–0. It was ultimately eliminated by
Quesos Cerrato Palencia by 1–3 in the semifinals. On 20 December 2016, Oviedo CB led the LEB Oro league table for the first time in its history after beating away
Araberri by 86–75. Ten days later, the club qualified for the
Copa Princesa de Asturias for the first time, finishing at the top of the table after the first half of the
2016–17 league. Oviedo conquered the Cup on 27 January 2017, after beating
San Pablo Inmobiliaria Burgos by 80–77 in the final. ==Sponsorship naming==