On 8 May 1974, in the De Kuip stadium in Rotterdam, 1. FC Magdeburg beat the holders AC Milan 2–0 in the final of the European Cup Winners' Cup, with Wolfgang Seguin scoring the second goal. The match drew fewer than 5,000 spectators, yet it produced the only European trophy ever won by a club from East Germany. Milan's squad included world-class names such as Gianni Rivera and Karl-Heinz Schnellinger, which makes the result one of the most striking in the history of the competition. It still defines how the club is seen in Germany and beyond.
The club was founded in December 1965 from the football department of the sports club SC Magdeburg, which had already surprised the East German game by winning the FDGB-Pokal in 1964. Counting that victory and the one in 1965, Magdeburg won the East German cup seven times, in 1964, 1965, 1969, 1973, 1978, 1979 and 1983, and all seven finals ended in victory. In the Oberliga it took three championships, in 1972, 1974 and 1975. The most successful period is linked with the coach Heinz Krügel, who led the team from 1966 to 1976, won three league titles and the Cup Winners' Cup with it, and is remembered for refusing to let politics dictate his line-ups. Under him the team became known for youthful, attacking football.
That generation produced several national team players. Jürgen Sparwasser scored the only goal of East Germany's win over West Germany at the 1974 World Cup, a few weeks after the Rotterdam final. Wolfgang Seguin won 19 caps for East Germany and played 57 European matches for the club, which remains its record, while his 219 consecutive Oberliga appearances between 1971 and 1979 are an enduring statistical curiosity. Martin Hoffmann, Manfred Zapf and Jürgen Pommerenke also belonged to the side that won in Rotterdam.
After 1989 the club fell on hard times and returned to professional football only in 2015, when it was promoted to the 3. Liga. A memorable evening came on 1 November 2000, when Magdeburg eliminated Bayern Munich from the second round of the DFB-Pokal, winning 5–3 on penalties in front of 26,000 spectators. The first promotion to the 2. Bundesliga followed in 2018, relegation a year later, and in 2021–22 the club won the 3. Liga with 78 points and 83 goals to return to the second tier. In 2022–23 the average home attendance reached 22,602, and the 2024–25 season ended in fifth place, the club's best result since reunification. In 2025–26 Magdeburg was bottom of the table after eight matchdays with only three points, yet avoided relegation, and 2026–27 is its fifth consecutive season in the 2. Bundesliga.
The club plays in blue and white and is among the best supported in Germany outside the top flight; in 2017–18 home crowds regularly reached around 18,000, and more than 1,000 supporters travelled to away games on average. The old Ernst-Grube-Stadion, with its distinctive floodlight masts, hosted the league and European nights of the 1960s, 1970s and 1980s. After a 2004 decision by the city, a new arena costing €31 million replaced it in 2006, and supporters informally link the ground with the name of Krügel. Magdeburg remains the one East German club whose name is permanently attached to a European trophy, and that memory is still renewed at every home match.