Founded in 1980 as México-La Corredoria CF to play a friendly match in the local midsummer celebration, the team was officially registered two years later as Meseico-La Corredoria CF. It was subsequently renamed CFF Tradehi (1984) and Peña Azul Oviedo (1996) before taking its current name in 2001.
In 1990 Tradehi was promoted to the 8-teams División de Honor, the top national category back then, and in 2001 Oviedo Moderno was one of the eleven founding members of the unified premier league. Always a bottom half team, its best result in the nine seasons it has spent in the new championship was an eighth place in 2003. The team was relegated in 2008 and 2011, and spent the two next seasons Segunda División. In the first one, Oviedo Moderno topped its group but lost to CD Femarguín in the promotion play-offs.
In the 2012–13 season, Oviedo Moderno won again its group but was beaten by Granada CF in its second attempt to promote. However, the club promoted to Primera División due to the existence of a vacant berth in the league.