The first dynamic presence of the team is dated back in the years 1927–29 with many popular players of the time such as the historical member of the board Apostolos Nikolaidis as well as players such as Aravositas, Gkoumas, Arg. Nikolaidis, Papageorgiou and Papastefanou. In the following years the interest for volleyball became less until before the Second World War when Panathinaikos presented a powerful team with leader players such as Labrou, Vallidis, Momferatos, Tzoumanis, Proselentis, Lykouris, Kakridis and more.
In recent years, Panathinaikos' volleyball club has won many titles and honors due to the fact that the team roster has always included some of the leading volleyball players. The first and most popular generation of players of 60’s was Andreas and Nikos Bergeles, as well as Iliopoulos, Leloudas, Chasapis, Emmanouil, Perros and Fotiou who opened the road for the next generations. The most important achievement of the team was the participation in the final of the European Cup in 1980 with players such as Georgantis, Agrapidakis, Iliopoulos, Papadopoulos, Malousaris, Gkountakos, Astras, Kokkinaras and Koliopoulos one of the most talented players to be part of this team. In the following years, Panathinaikos team continued to dominate the Greek championship with players such as Kazazis, Tentzeris, Gontikas, Galakos, Dimitriadis, Margaronis, Karamaroudis and Andreopoulos.
Two of the most successful periods have been 1994-95 and 1995-96 seasons, when Panathinaikos won 2 championships in a raw with Stelios Prosalikas as head coach and Andreopoulos, Triantafillidis, Philippov, Spanos, Hatziantoniou, Ouzounof, A. Kovatsef, S. Kovatsef, Karamaroudis, Mavrakis, Konstantinidis, Zakynthinos, Koutouleas, Tonev as players.
Today, after a transition period, Panathinaikos is aiming again at the top. The renaissance of the team was demonstrated at the 2006 Top Teams Cup Final-4 in Palma de Mallorca, where Panathinaikos came third. Notable was the fan support, since it was the first major volleyball tournament in Europe where such a large number of fans (over 500) have travelled more than 2.000 km to support their team.