The club was founded in 1924 and is one of the oldest active football clubs in Serbia.
Despite its long history, Obilić's most notable period was during the 1990s under Željko Ražnatović, aka Arkan, leader of a paramilitary organization in war years. After Arkan stepped down and gave his seat to his singer-celebrity wife Svetlana, known as Ceca, the club dropped into the Second League.
Arkan early discovered the benefit of football. He was involved in everything from oil and cigarette smuggling to murder. His football career began during the wars when he led Red Star’s football fan group. He filled his paramilitary unit with fans and hooligans. In 1996, Arkan took over Obilić and turned it into a top caliber club. In 1998 he gave up his seat and in January 2000 was assassinated.
In 2001, club President Žarko Nikolić accused “Ceca,” of selling 15 players and transferring the money to a private account in 2003. She since has been under police investigation for illegal transfers of FC Obilić players.
Dragiša Binić, a former player and now general manager, was a member of parliament as a delegate of Arkan’s party. He was also arrested in 2003 as part of a police underworld cleanup. In May 2005 he survived a murder attempt by two armed gunmen. He shot one of them and forced them to flee.