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A number of Trieste teams had played in the first division Serie A, the most successful of which was Società Ginnastica Triestina (from the 1930s to the 1960s) that won several national championships in the 1930s and 1940s. Three other top division Trieste sides were Lega Nazionale Trieste (1949-1951), San Giusto Trieste (1948-1949) and Polizia Civile Trieste (1949-1950).

Pallacanestro Trieste was established in 1975, it played in the top tier Serie A from 1982 to 1986, 1990 to 1997 and again from 1999 to 2004, with a best result of third in 1994. That same year, it reached the FIBA Korać Cup final. The next season saw the team reaching the Italian Cup final.

After the 2003-04 season, the club went bankrupt and was relegated to the lower divisions.

After many years spent between the third and fourth division, in 2010 Eugenio Dalmasson was appointed Head Coach. Finally in 2012, the team reached the promotion to the second division with a win against Chieti in an epic game-5 in front of 6000 people.

On June 16, 2018, Trieste won the 2017–18 Serie A2 season after beating Novipiù Casale Monferrato at game 3 of league's playoffs, and returned in LBA, the highest-tier of the Italian basketball league system after 14 years of absence.

On June 26, 2018, Luigi Scavone, the main owner of the title sponsor Alma Agenzia per il lavoro, became new president of Trieste, while the former president Gianluca Mauro became new CEO of the club.

On May 7, 2019, Gianluca Mauro became again president and CEO of the club looking for new sponsorship.

On November 29, 2019, the insurance company Allianz, became new title sponsor and main sponsor of Pallacanestro Trieste for the following three seasons. This sponsorship lapsed at the end of the 2021-2022 season.

In January, 2023, 90% of the club was acquired by San Francisco-based Cotogna Sports Group with the remaining 10% by Trieste-based Trieste Basket. Pallacanestro Trieste's first Board of Directors of the CSG era consists of five members, four of whom are nominated by Cotogna Sports Group: they are Richard de Meo (Chairman), Fitzann R. Reid (Vice Chairman), Connor Barwin (Vice Chairman), and Mario Ghiacci (Vice Chairman and General Manager); the fifth member is chosen by the minority shareholder, Trieste Basket srl, who have appointed Trieste manager Andrea Bochicchio.