Racing was founded in the Nueva Italia district of Córdoba on 14 December 1924. Its most successful season came in 1980 when the team finished 2nd in the Nacional championship, after losing the final matches at the hands of Rosario Central, with scores of 1-5 and 2-0 respectively (3-5 on aggregate).
At the end of the 2005-06 season the club narrowly missed out on promotion to the Primera B Nacional. Racing had to play San Martín de Tucumán in the Clausura final. After the game ended with an aggregate score of 3-3, the decision went to a penalty shootout which Racing lost 7-6.