The present club was founded in 1982. A teenage Manus McFadden arranged a meeting at Foxhall of Glenswillyites who were interested in forming a team, with Joe Kelly, Roger McDaid, Fr Eamon Crossan, Finbar Glackin, Jimmy Joe McGinley and chair Eddie McDevitt (who has since died).
On 25 September 2012, the Donegal senior team—fresh from winning the 2012 All-Ireland Senior Football Championship Final—were scheduled to visit Glenswilly; however, the visit was postponed due to time constraints which arose due the huge crowds around the county eager to catch a glimpse of the team. The team eventually visited Glenswilly on 27 September.
In 2013, the club rebuffed allegations that they forced children into GAA jerseys. Later that year they hosted the 2013 All-Ireland Football Series launch, held following confirmation of the four provincial winners. That year they won their second Donegal Senior Football Championship and progressed to the final of the Ulster Senior Club Football Championship, which they lost to Ballinderry.
Glenswilly's success at senior level is in stark contrast to that (or indeed lack thereof) of nearby Termon, another little rural Donegal countryside club to have made head way at senior level in recent times. Termon and Glenswilly both operate in the shadow of the mighty St. Eunan's; however, while Glenswilly responded to their 2007 Donegal Senior Football Championship Final loss by winning in 2011, Termon responded to their 2003 loss by losing the final again in 2008 and then sliding rapidly into Division 3 and the Intermediate Championship.
^"Major test for Eunan's minors". Donegal Democrat (Johnston Press). 11 December 2008. Retrieved 11 December 2008. "The calendar year of 2008 has brought a clean sweep of adult triumphs for the club from the Cathedral town, with their minor championship victory in Glenswilly's Pairc Naomh Columba, over St Michael's being supplemented by successes for the seniors, reserves and junior B teams."
^Foley, Alan (5 January 2012). "The emigration question for Donegal GAA". Donegal Democrat (Johnston Press). Retrieved 5 January 2012. "They are essentially two of the younger clubs in the county, in an era when the powerbase has shifted from south to north. Three years ago Termon were in the Raidio na Gaeltachta SFC final against St Eunan's. This calendar year, though, will see them in Division Three and competing in intermediate football, while Glenswilly are senior county champions. A gulf has grown between the previously inseparable twins."