The club was established in 1929 with the name "Stamen Panchev". In 1945 the club was renamed "Hristo Gurbov". Since 1947 the name is "Balkan". The main kit-colours of the team are green and white. In his history the club participated in either the second or the third Bulgarian division. Currently the team is playing in Bulgarian B Professional Football Group. From 2005, the chairman of the club is Tihomir Ninov. In 2007/2008 season Balkan finished 2nd in the Bulgarian South-West V AFG, but won promotion, because of the changes from the 2008/2009 season in Bulgaria's West and East B Groups. From 2008, the chief executive is the famous Bulgarian footballer Marian Hristov. The club qualified at the 1/8 finals of the Bulgarian Cup 2008-09 after defeating PFC Belite orli Pleven with 2:0 and beating PFC Lokomotiv Mezdra with 1:0 to make it to the 1/8 finals of the competition. Unfortunately, "Balkan" was eliminated by CSKA Sofia after a score of 5:0.