Rayo Vallecano was founded in May 1924 and is known for its sociocultural tradition, representing the barrio-local culture and working-class status.
Rayo Vallecano was founded on 29 May 1924 in the hometown of Prudencia Priego, wife of the club's first president Julián Huerta.
In 1949, Rayo Vallecano added a red diagonal stripe to the team's kit, inspired by River Plate, and reached Tercera División for the first time.
In 1949–50, Rayo Vallecano became an affiliate of Atlético Madrid.
On 10 May 1976, the Campo de Fútbol de Vallecas stadium opened, initially named "New Stadium Vallecas".
In 1976, Rayo Vallecano's home matches began to be played at the Campo de Fútbol de Vallecas stadium, which has a capacity of 14,708.
Rayo Vallecano previously reached the Copa del Rey semi-finals for the first time in 1982.
The 1983–84 season was the worst during the 1980s. The club finished in the last position in Segunda División and was relegated to Segunda División B.
In 1989, Laurie Cunningham, a player for Rayo Vallecano, died in a car crash outside of Madrid after only one season with the club.
In 1991, the Ruiz-Mateos family arrived to Rayo Vallecano.
In 1999, Rayo Vallecano gained promotion and appeared to have consolidated their top flight status.
In 2003, Rayo Vallecano suffered relegation.
In January 2004, the stadium's name was changed to honor the wife of businessman José María Ruiz-Mateos.
In 2004, Rayo Vallecano experienced another relegation.
For the 2005–06 season, Míchel was hired as manager of Rayo Vallecano.
In the 2006–07 season, Rayo Vallecano finished second in Segunda División B and lost in the promotion play-off final to Eibar.
In June 2009, Rayo Vallecano announced plans for the construction of a new stadium.
In the 2010–11 season, Rayo Vallecano ranked second and returned to the top flight after eight years, trailing Real Betis.
In March 2012, the Rayo squad took one day off training to join demonstrations supporting the 2011–12 Spanish protests.
In March 2012, the Rayo squad took one day off training to join demonstrations supporting the 2011–12 Spanish protests.
In 2013, Rayo Vallecano had a sponsorship agreement with Qbao in terms of expanding the club's profile overseas.
In March 2014, Huawei agreed to sponsor Rayo Vallecano for two league matches against Real Madrid and Athletic Bilbao.
In 2014 Rayo Vallecano and their fan base aided Carmen Martinez Ayudo, an 85-year-old local woman, after she was evicted from her home.
In July 2015, Rayo Vallecano unveiled a new kit featuring a rainbow, with each color representing a different social cause. The Bukaneros criticized it as cynical.
In August 2015, Rayo Vallecano purchased the majority of Oklahoma City FC, renaming the club to Rayo OKC, marking the entry of a Spanish club into the American sports market.
In May 2016, Rayo Vallecano were relegated to the Segunda División after finishing 18th in the 2015–16 La Liga season.
In February 2017, Ukrainian player Roman Zozulya left Rayo Vallecano after one training session due to chants by fans accusing him of far-right affiliations.
At the start of the 2017–18 Segunda División season, the club appointed their recently retired goalkeeper David Cobeño as the sporting director of the club, and the club secured promotion to La Liga.
Rayo Vallecano won the Segunda División in 2017-18 season.
On 20 March 2019, the club appointed Paco Jémez as head coach.
In December 2019, a Segunda División match against Albacete Balompié was abandoned at half-time after Rayo Vallecano supporters chanted abuse at Roman Zozulya.
In August 2020, the club appointed Andoni Iraola as head coach.
In February 2022, Iraola's side defeated RCD Mallorca to make the semi-finals of the Copa del Rey; it was the second time in club history and first since 1982.
As of 2023, the Autonomous Community of Madrid, owner of the stadium, has no known plans for a new stadium.
In the 2024-25 season, Rayo Vallecano qualified for European football after 24 years, entering into the UEFA Conference League play-offs by finishing 8th.
In September 2025, members of the Bukaneros acted as part of a security detail escorting Podemos leaders Ione Belarra and Irene Montero during pro-Palestinian protests at the end of a stage of Vuelta a España in Madrid.
In 2025, Rayo Vallecano fans violently clashed with right-wing nationalist supporters during encounters with Polish clubs Jagiellonia Białystok and Lech Poznań.
In the 2025–26 season, Rayo Vallecano is scheduled to play in the UEFA Conference League.
In the 2025–26 season, Rayo Vallecano made their debut appearances in a major UEFA competition group or league phase by reaching the UEFA Conference League league phase.
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