OFK Petrovac was founded in 1969, under the name FK Nafta. During the first seasons, they played in the lowest-tier competition - Fourth League - South. At season 1971-72, FK Nafta became a runner-up in Fourth League championship, which gained them promotion to Montenegrin Republic League.
From 1972 until the end of the century, most of the seasons, OFK Petrovac played in Montenegrin Republic League, with few relegations and comebacks from lower rank. Among the historical seasons in the club's history was 2000-01. As a second-placed team in Montenegrin Republic League, OFK Petrovac gained promotion to Yugoslav Second League. They played five consecutive seasons in Second League, until the split of Serbia and Montenegro Federation.
After Montenegrin independence, OFK Petrovac was among 12 teams which are chosen to play in the first season of Montenegrin First League (2006–07).
Historical success in club's history, OFK Petrovac made at season 2008-09. They won the trophy of winner of Montenegrin Cup, after extra-time final game against FK Lovćen in Podgorica. With the Cup trophy, OFK Petrovac gained participation in UEFA Europa League in season 2009–10. On their European debut, OFK Petrovac won against Anorthosis Famagusta, but eliminated in the third leg against Sturm Graz.
OFK Petrovac played another final of Montenegrin Cup on season 2014-15, but this time were defeated by Mladost.
Since 2006, OFK Petrovac played all the seasons of Montenegrin First League, without any relegation. Best placement, team from Petrovac made at seasons 2011–12 and 2013–14, finishing as a fifth-placed team.
For the list of former and current players with Wikipedia article, please see Category:OFK Petrovac players.
Below is the list of most-known players which, during their career, played for OFK Petrovac.
OFK Petrovac plays its home games at Stadion pod Malim brdom, whose capacity is 1,630 seats. Stadium is built near the coast of Adriatic Sea. It was reconstructed during the 2013 and now is eligible for the UEFA international matches.
Stadium have two all-seated stands, floodlights and other facilities.