Velbazhd was formed in 1919, though the club changed its name in the following year to Sport Club Motsion. In 1928 they changed their name to Sport Club Borislav. From 1940 to 1945 the club is called Pautalia. After
World War II they changed their name to Cherveno zname. In 1956 the club was renamed to Levski. In 1970 the club returned to its original name Velbazhd, but from 1995 to 1999 again called Levski, under the ownership of
Georgi Iliev. In 1953 they were promoted to Bulgarian football's
top division for the first time in their history. The 1954 season saw Velbazhd make their first appearance in the top flight of Bulgarian football. This first season was less successful and they were relegated back to the
B PFG, finishing in 12th place. In
1994–95 season, Velbazhd won their second promotion to
A PFG, this returning to the top flight after a 41-year absence. During the
1998–99 season they finished 3rd, their highest ever league finish. In the following season, Velbazhd also finished 3rd. The club's forward
Mihail Mihaylov became
A PFG top scorer with 20 goals. In 2001, Velbazhd reached the
Bulgarian Cup Final for the first time, beating
Marek Dupnitsa,
Metalurg Pernik,
Spartak Pleven and
Lokomotiv Sofia for a place in the final. However, they lost the final 1–0 to
Litex Lovech. Following the
2000-01 season, the owner of Velbazhd, Georgi Iliev, decided to merge the club with
Plovdiv-based team
Lokomotiv Plovdiv, and move the new club to Plovdiv, with the intention of reviving Lokomotiv Plovdiv, who were struggling financially in the
B group. Thus, starting from the
2001-02 season, Lokomotiv Plovdiv began playing in the
A Group, while Velbazhd practically ceased to exist and disappeared. Shortly after the dissolution, the club was re-established, starting from the third tier,
V Group. In the summer of 2024, the team merged with
FC Kyustendil, with Velbazhd becoming a satellite team and Kyustendil staying in Third League. ==Honours==