The club was founded in 1958 by a Scottish expatriate from Glasgow named Ian John Petrie. He named his club after Rangers F.C.. It was the first Asian football club with a modern football club managing system. In the early days, the club could not compete with the bigger clubs financially. So Petrie relied on young players and the team was known as a breeding ground for young players. Kwok Ka Ming was the best known players discovered by Petrie in the 1960s. In 1970, the club brought three Scottish professional players to Hong Kong. They were the first European professional players to play in the Hong Kong League, opening a new chapter in Hong Kong's football history. Great players such as Ian Taylor, Joe Brennan, Jimmy Liddell, and Derek Currie were a few to name. More were to follow in the 1980s such as Steve PatersonJimmy Bone, and Tommy Nolan.
Since 12 October 2001, the club had been named after its sponsor, Buler, resulting in the name "Buler Rangers" up until Summer 2006. On 15 September 2007, the club announced that it has secured a large sponsorship from Bulova, a watch brand which used to fund a famous Hong Kong football team decades ago, and used "Bulova Rangers" as the team name.
Over the last decade, Rangers' policy in youth investment has paid off and has gained the club a reputation as an excellent school for young footballers. The Rangers youth academy has produced many of Hong Kong's finest youngsters. Although many have been signed to bigger clubs since, some have chosen to stay with the club that nurtured them. Ranger's youth system has been so successful it is common to see Rangers providing the bulk of Hong Kong's age-grade international youth teams spanning all U-15, U-17, U-19 and U-21 levels.