In 1997, Strømsgodset had one of the best seasons in recent times, finishing 3rd in the premier division and runners up the cup final. In 2010, Strømsgodset had the best season since 1997, finishing 7th in the premier division and winning the cup final. This was Strømsgodset's first cup win in 19 years. After finishing as runners up in 2012, Strømsgodset won the Norwegian Premier League in 2013.
Before the 2006 season 'Godset' were saved from bankruptcy by a group of investors. This gave rise to a "new version" of Strømsgodset IF, with the club signing 13 new players before the 2006 season and letting 15 players go. Strømsgodset swiftly achieved promotion to the Norwegian Premier League at the first attempt, captained by the legendary Øyvind Leonhardsen. Winger Mattias Andersson finished as the top scorer for the division with 21 goals to his name.
The club is also well known in England for being beaten 11–0 by Liverpool in 1974. Its supporters' club is GodsetUnionen.
Strømsgodset IF play their home games at Marienlyst Stadion. The stadium has been rebuilt several times, most recently with a new south end ("Klokkesvingen") in the summer of 2014. There, safe standing (rail seats) was installed, which increased the capacity to 8,935 in matches where standing supporters are allowed. Safe standing has also been installed in the north end. When an all-seating stadium is required, the capacity is 8,060. The new south end will be completed with a roof and toilet facilities after the 2014 season.
Record attendance for the club is 16,687 against Rosenborg BK in 1969. However, local rivals Mjøndalen holds the all time record from a Cup semi final tie versus Viking in 1949, by approximately another thousand.
The stadium often goes under the name of "Gamle Gress" (meaning "Old turf")
Field measurements are 106 m x 68 m.
The turf has now been replaced with an artificial grass surface.