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BC Parma was established in 2012. In 2016, Parma Basket won the Russian Cup title, by beating Zenit Saint Petersburg in the Russian Cup Final.
In the 2016–17 season, Parma joined the VTB United League, the country's first tier league. To meet the arena requirements of the league, Parma moved to the Universal Sports Palace Molot. In its first United League season the club finished last in the regular season with just one win.
In 2020, Parma made its debut in the main stage of a European competition as the team played in the 2020–21 FIBA Europe Cup. After surviving the group stage, the team beat Rilski Sportist and Balkan Botevgrad in the eight- and quarterfinals. It qualified for the Final Four that is to be played in Tel Aviv.