When the SFR Yugoslavia disintegrated, FK Železnik played in the sixth-tier league of the Yugoslav league system pyramid. It steadily started gaining promotion season by season in the higher tiers so that by the late 1990s it played in the First League of FR Yugoslavia.
Železnik's biggest successes occurred in the early to mid 2000s. First in 2002-03 league season with the 4th place league finish, and in the following 2003-04 finishing in 3rd place just behind traditional giants Red Star and Partizan. In the 2004-05 season, the played in the UEFA cup, where they were eliminated by Steaua Bucharest after losing 4-2 at home in first leg and winning 2-1 away in the second leg. It was the only time they played in European Cups. In the internal competition, they finished in 8th place, but because of financial problems he was folded and later, 28 June 2005 was merged into FK Voždovac. Biggest challenge when it comes to managing club has chairman Đorđe Bulić, son of Jusa Bulić. The club had to start from the bottom of the Serbian football league system under the name FK Železnik Lavovi. At the end of the 2011–12 season they got promotion to the third national level, the Serbian League Belgrade. Since 2014. Stadion name has been changed to Jusa Bulić.