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The club affiliated to Federación Argentina in 1921, playing in youth divisions. The first senior squad was formed in 1933, playing its first international v Uruguayan side Atenas de Montevideo. Ferro disaffiliated from the FAB in 1941, switching to recently founded "Asociación Argentina de Básquet" (AAB). Under the AAB, Ferro was runner-up in the 1956 Metropolitano, playing the final at Estadio Luna Park-

In 1968, Ferro was promoted to the first division of the Buenos Aires Basketball Association. In 1971 the club inaugurated its arena, "Estadio Héctor Etchart". In 1974, the two federations operating in Buenos Aires merged to form "Federación Única". By those times Ferro developed a strong rivalry with Obras Sanitarias. Coach León Najnudel arrived to the club in 1976. Under his leading and helped by notable players such as Miguel Cortijo, Ferro Carril Oeste achieved its first professional success, winning Torneo Metropolitano, Torneo Apertura and Torneo Oficial. The team also won the Campeonato Argentino de Clubes in 1981.

Ferro also became the first Argentine team to win the Campeonato Sudamericano de Clubes (South American Club Championship) in 1981 and 1982, with the second title after beating Obras Sanitarias in the final. Najnudel left the club to coach Spanish team CB Zaragoza, being replaced by former player Luis Martínez. The international success continued in 1987, with Ferro winning another edition of the Sudamericano.

When the top Liga Nacional de Básquet began in 1985, Ferro's main rival became Atenas de Córdoba. Ferro won the Argentine League championship in 1985 and 1986, finished 2nd in 1987, and also won it 1989. They also competed at the Club World Cup in 1981, 1986, and 1987, and they were that competition's runner-up in 1986.

At the end of 2003–04 season, Ferro was relegated to the Argentine second division, the Torneo Nacional de Ascenso (TNA). The team played there until 2015, when Ferro returned to LNB after Ciclista Juninense was relegated to TNA.