FK Panevėžys is one of the youngest clubs to have won the Lithuanian championship, establishing itself among the country's leading sides in a relatively short period. The club was founded on 18 February 2015 and began competing in the second tier. In 2018, it won the First League and earned promotion to the top division. Since 2019, it has played continuously in the Lithuanian top flight.
The greatest achievement in Panevėžys' history came in 2023, when the club won the Lithuanian championship for the first time, securing the title with four matches still to play. Before that, the club had already won the Lithuanian Cup in 2020 and the Lithuanian Super Cup in 2021. It added another Super Cup in 2024 and won the national cup again in 2025.
The 2023 championship opened the door to the club's most prestigious European campaigns. In the 2024/25 season, FK Panevėžys made its debut in Champions League qualifying, facing Jagiellonia Białystok. The Lithuanian champions lost both matches and were eliminated in the second qualifying round, but subsequently also competed in the Europa League and Conference League qualifiers. An earlier notable European tie came in 2023 against Israeli club Hapoel Be’er Sheva, who eliminated Panevėžys 2–1 on aggregate in the second qualifying round of the Conference League.
The club's home ground is Aukštaitija Stadium in Panevėžys. Panevėžys traditionally play in red, which has become one of the recognizable elements of the club's identity. Despite its short history, the club has quickly progressed from the lower divisions to becoming Lithuanian champions and a regular participant in European qualifying rounds, establishing itself as one of the notable representatives of modern Lithuanian football.