The A.O. Pagrati Athens parent sports athletic association was founded in 1929. The sport club's basketball department, Pagrati B.C., was founded in 1938. Around the era of 1950, was the basketball club's first peak period, which established it as one of the big Greek clubs of that era. In 1979, the team was in a downward spiral as it was downgraded to the Greek B Division.
In 1988, the club returned to the Greek A1 League and stayed in the Greek A1 Division for the next 6 years. After this 6 year run in the top Greek level of the A1, the club again struggled in the lower Greek divisions until it was promoted up to the A2 for the 2006-07 season.