In the period of FR Yugoslavia, Borac was a regular participant of top-tier YUBA League. In 1992–93 season, the club made it to the semifinals of the Yugoslav Cup. Following the Montenegrin independence from state union, the club participated in the Basketball League of Serbia, top-tier national league competition and one below the regional ABA League. In the 2009–10 Basketball League of Serbia season, the club finished in first place of the regular season standings of the Basketball League of Serbia, but was eliminated later in the Super League, which consists of best ranked national league clubs and Serbian clubs that participated in the ABA League. In the 2015–16 Basketball League of Serbia and 2016–17 Basketball League of Serbia seasons, the club finished in second place of the regular season standings of the Basketball League of Serbia.
Borac finished its debut appearance in the 2020–21 ABA League First Division in 11th place, with 8–18 record, led by head coach Marko Marinović. In the following season, Borac improved its overall record to 9–17, but was forced to play the relegation playoffs because of league regulations with the Serbian team, and the new champion of the ABA League Second Division – Zlatibor, which they won in best of three games format.[3] In November 2022, Dejan Mijatović took the head coaching position and in Borac's third consecutive season (2022–23) of ABA League, they finished in 13th place after avoiding direct elimination with away win over favorite Budućnost.[4] In the relegation playoffs, Borac prevailed over Helios Suns with 2–1 record, to stay in the league. In 2023–24 season, Borac finished in 10th place of the ABA League with 10–16 record.
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