Founded at 2005 as ŽFK Palma, team won first two editions of Montenegrin Women's League (then FSCG trophy), on seasons 2008-09 and 2009-10. Palma played in First League until the end of season 2012-13.
At start of 2016, team was renamed. Under the new name, ŽFK Budućnost Podgorica became a part of most successful Montenegrin sports society - SD Budućnost Podgorica. After the few seasons, ŽFK Budućnost gained promotion to Montenegrin Women's League 2016-17.