The club was founded in 1921 as Hisarya and began playing league football during 1923. Over the years, the club has changed its name several times. From 1957 named Karpachev, before becoming Osam in 1979. Under that name the club played constantly in the B Group, the second division of Bulgarian football and was close to promotion several times. A notable star during this period was Plamen Linkov who broke the club's appearance record, playing 575 times, scoring 167 goals.
In 1990 sponsor of the team become a company LEX. In the same year, the club had changed its name to LEX Football Club. The 1993–94 season was successful for LEX, which finished 1st in second division and qualified for the A Group for first time in the club's history. The first season in the A Group was a success for the club, finishing 11th. The next season was not successful and the club, renamed Lovech, was relegated to the B Group.
In June 1996, the club was purchased by the petrol businessman and citizen of LovechGrisha Ganchev and it was renamed to Litex. The takeover was immediately followed by a flurry of bids for high-profile players. Ferario Spasov was named as the new Litex coach. He led the club back to the A PFG at the first attempt. During the 1996–97 season Litex also reached the quarter-finals of the Bulgarian Cup and the final of the Bulgarian League Cup, which was lost after penalty shoot-out.
Litex with the Bulgarian Cup in 2009.
In 1997, Litex was promoted for the second time to the top division and immediately became Bulgarian champions, finishing the season 5 points ahead of the second-placed Levski Sofia. This was unprecedented in Bulgarian football history. The striker of the team Dimcho Belyakov became top goalscorer with his 21 goals scored during the season. The midfielder Stoycho Stoilov received the Best League Player award. The club's first participation in the European club tournaments was also promising, with Litex eliminating the SwedishHalmstads BK (2-0 and 1-2) and reaching the second qualifying round (but being knocked out by Russian powerhouse Spartak Moscow).
A year later Litex retained their league title, losing only two league games all season. They became the first provincial club to win back-to-back league titles since the 1920s. During the campaign Litex inflicted the biggest defeat of CSKA Sofia's all history, beating 8-0 at Lovech Stadium.
In the recent years, Litex won the Bulgarian Cup four times, in 2001 (a 1-0 win against Velbazhd Kyustendil after extra time), in 2004 (a win over CSKA after a 2-2 in the regular time and a penalty shoot-out), in 2008 a win over Cherno More Varna (1-0) and in 2009 against Pirin Blagoevgrad (3-0 in the regular time). In early August 2007, Litex signed a three-year sponsorship and advertising contract with Bulgarianmobile operator GLOBUL and started the 2007–08 season with the logo of the mobile service i-mode on the team's kits. In December 2007, Litex became the first Bulgarian club to have branded a mobile phone game, Litex Football. Before the start of the 2008–09 season, Litex lost the Bulgarian Supercup final with 0-1 from CSKA Sofia. The winning goal for the army team was scored by Kiril Kotev in the 65th minute. After a season later, Litex again lost the Bulgarian Supercup 0-1 against the champions Levski Sofia.
Litex with the A PFG title in 2010.
In 2009–10 season Litex became a champion of Bulgaria for the third time in his history, finishing with 12 points more than the second, CSKA Sofia. On 12 August 2010, Litex defeated Beroe 2–1 to win the Bulgarian Supercup, for the first time in the club's history. In 2010–11 Litex achieved a 4th league title, securing the championship with a 3–1 away win against Lokomotiv Sofia on 21 May 2011.
In the summer of 2015, Grisha Ganchev stepped down from his position as an owner, only to relocate his investments in the capital to CSKA Sofia, which had been financially struggling recently. As a result of the change, his son Danail took over the club.
Litex Lovech's home ground is the Lovech Stadium, a football stadium in Lovech. Built in 1962, the ground underwent a total reconstruction in 1999 and was brought to a suitable stand to host international matches in 1999. The stadium has more than 8000 seating places with pitch dimensions of 105 x 68 metres. The record attendance is 12,500 for the game against Levski Sofia in 19 April 1998. The record attendance in the European club competitions was achieved against Aston Villa on 18 September 2008, when around 8,000 spectators supported the team.
In the summer of 2010, a massive reconstruction of the venue was started, new side sectors with roof covers were built and the media sectors were expanded in order to meet the UEFA guidelines for Champions League matches. On 12 July 2010, the stadium officially received from UEFA a 3-star rating. The reconstructions continued in the summer of 2011. New covered stands and media boxes were built.
Litex's U19 team play in the UEFA Youth League. They are coached by Evgeni Kolev. Note: Flags indicate national team as defined under FIFA eligibility rules. Players may hold more than one non-FIFA nationality.
Up to five non-EU nationals can be registered and given a squad number for the first team in the A PFG however only three can be used during a match day. Those non-EU nationals with European ancestry can claim citizenship from the nation their ancestors came from. If a player does not have European ancestry he can claim Bulgarian citizenship after playing in Bulgaria for 5 years.