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Metallurg was founded in 1955 by the Magnitogorsk Iron and Steel Works as a Class B team that competed in the Chelyabinsk Oblast and the RSFSR championships. Since the 80s it joined the Second League (third by importance) of the Soviet Class A and won its championships twice, in 1988–89 and 1989–90 seasons. After two more seasons in the second level of the USSR hockey Magnitogorsk club became one of the founders of the International Hockey League, the first Post-Soviet major pro hockey association.

Magnitogorsk advanced to the Russian Superleague finals six times becoming a three-time champion of Russia.^[]

Victoria Cup

On 1 October 2008, Metallurg Magnitogorsk played against NHL's New York Rangers in the inaugural Victoria Cup at the PostFinance-Arena in Bern with an attendance of 13,794. Metallurg Magnitogorsk led most of the game, 3–0 at one point, but ultimately lost 4–3 by the Rangers' Ryan Callahan breakaway goal with 20 seconds remaining in the game. Denis Platonov, Vladimir Malenkikh and Nikolai Zavarukhin scored for Metallurg, and Dan Fritsche scored and Chris Drury scored twice for the Rangers. As a sign of respect, Russian Dmitri Kalinin and Ukrainian Nikolay Zherdev accepted the Victoria Cup trophy on behalf of the New York Rangers.

2022

After the 2022 Russian invasion of Ukraine, Juho Olkinuora elected to leave the team.