Busan I Park

Daewoo Royals

After topping the league for most of the 1983 season, Daewoo finished second in their debut season, losing the title by one point to Hallelujah FC after a goalless draw against Yukong Elephants in the Masan Series. In its second season, the club turned professional, renamed as Daewoo Royals, and clinched its first league title after defeating Yukong Elephants by an aggregate score of 2–1 in the 1984 K League Championship playoff.

Daewoo Royals headed into the 1986 K League season as continental champions after clinching the 1985–86 Asian Club Championship, becoming the first South Korean side to accomplish this feat after defeating Al-Ahli 3–1 after extra time in Jeddah, Saudi Arabia. Despite the continental success, the team suffered a poor season and failed to reach the 1986 K League Championship playoff after finishing fourth in the first round of the league and third in the second.

The Royals clinched their second league title after finishing atop the league with 46 points in the 1987 season. They won their third title in 1991 after finishing ten points clear of the second-placed club, Hyundai Horang-i. The Royals' momentum didn't last as the club struggled in subsequent seasons, finishing at or near the bottom of the league.

Pusan Daewoo Royals

At the end of the 1995 season, K League sides began the process of "localizing", and the club became known as Pusan Daewoo Royals (Korean: 부산 대우 로얄즈) in reference to its city of residence. In 1997, they won their fourth league title, becoming the first team to win the K League Championship four times.

Although the 1998 season marked the emergence of a forward Ahn Jung-hwan, the Royals finished mid-table. The club did however manage to qualify for the 1999 K League Championship playoffs after finishing fourth in the regular season. During the playoffs, the Royals managed to knock out Chunnam Dragons and Bucheon SK to secure the right to face the defending champions, Suwon Samsung Bluewings, but lost in the final 4–2 on aggregate.

Pusan i.cons

As a company-owned club, the Royals' success was invariably linked to the health and success of its owner, Daewoo Corporation. In the early 2000s, the company parted ways with its once-successful sports franchise due to major financial problems that had accumulated since the late 1990s. IPark Construction, the domestic construction division of Hyundai, secured ownership of the club and acquired all of its history and records. The new owners not only renamed the club as Pusan i.cons, but also changed the club's home colours from blue to red and relocated the club from Busan Gudeok Stadium to Busan Asiad Stadium.

Under new ownership, the club rarely challenged for the title, finishing mid-table or near bottom of the league in the 2000s. Aside from winning the Korean FA Cup for the first time in the club's history in 2004 under the guidance of Scottish manager Ian Porterfield (defeating Bucheon SK in a penalty shoot-out), the trophy cabinet remained largely empty.

Busan IPark

At the onset of the 2005 season, the owners changed the club's name to Busan I'Park (currently Busan IPark). After winning the first round, Porterfield's Busan side reached the 2005 K-League Championship play-offs, but lost to a traditionally lightweight, but then-inspired Incheon United side led by Chang Woe-ryong.

For the 2008 season, Hwang Sun-hong took over as manager. Although Busan did not win any silverware during his tenure, he did manage to bring in players such as Kim Chang-soo, Jeong Shung-hoon, Yang Dong-hyun and Kim Geun-chul while injecting the team with much needed youth by giving prospects such as Han Sang-woon, Park Hee-do, and Park Jong-woo first-team opportunities. In his final season in charge of Busan, Hwang managed to lead his side to the 2010 Korean FA Cup final.

For the 2011 season, the board appointed An Ik-soo to take over from Hwang Sun-Hong who had left to manage his former club, Pohang Steelers. Under An, Busan managed to reach the playoffs for the first time since 2005 after finishing fifth on the league table in the regular season. An's Busan side was knocked out in the first round of the play-offs by Suwon Samsung Bluewings by a familiar scoreline of 1–0.

In February 2012, an adjustment was made to the club's name by dropping an apostrophe making the official name read Busan IPark.

In 2015, after nine successive bottom-half finishes, Busan IPark were relegated to the second-tier K League Challenge for the first time in their history.

Towards the end of the 2016 season, with an immediate return to the K League Classic looking unlikely, IPark moved back to their smaller, previous home ground, the Gudeok Stadium.

Busan IPark had an impressive 2017 season, although this was overshadowed by the death of then-manager Cho Jin-ho with only two weeks remaining in the season. Busan finished runners up in the K League Challenge to Gyeongnam FC, losing only 6 games all season. With caretaker manager, Lee Seung-yub in charge, Busan defeated Asan Mugunghwa, in the playoff semi-final, but lost on penalties after a two-legged final to Sangju Sangmu FC, who became the first K League Classic team to retain their league status via the playoffs. Busan also reached the final of the FA Cup, knocking out higher league opposition in Pohang Steelers, FC Seoul, Jeonnam Dragons and Suwon Bluewings but once again lost over a two-legged final, this time to Ulsan Hyundai.