FB Gulbene were founded on May 24, 2005 as "FB Gulbene-2005". The club started its participation in the Latvian Second League in 2007, finishing in the 4th place. In 2008 FB Gulbene-2005 played in the Latvian First League and finished in the 14th place at the end of the season. The 2009 season was yet again spent in the Second League that is the third tier of Latvian football. The club finished in the 4th place, being promoted to the First League. In 2010 ambitions got higher as Romāns Lajuks became the president of the team. Several players with Latvian Higher League experience were invited to join, and not surprisingly the team won the Latvian First League that year, being promoted to the Latvian Higher League.
In 2011, before the start of the season, the club's name was changed to its current version FB Gulbene. For the past few years FB Gulbene have actively co-worked with several Japanese football academies, giving their players a chance to play in Europe. Club's ex-president Romāns Lajuks was familiar with the Embassy of Japan Deputy Head of Mission Mr.Takeshi. In 2011 the club finished the Latvian Higher League championship in the 7th place. Finishing the 2012 season in the 10th place they were automatically relegated from the Latvian Higher League.