Svetkavitsa was founded on 6 July 1922 by the merger of Levski and Botev, two neighborhood teams in Targovishte and have played at their current home ground, Dimitar Burkov Stadium, since 1971. In 1961–62 season the club was promoted for the first time to the B PFG. Svetkavitsa's most notable achievement came in 1974, when they finished runners-up in second division. In 1987 the club's form dropped, and they were relegated to V AFG finishing last. Svetkavitsa regained second-flight status in 1989 after a two-year absence.
The team finished the 2010–11 season in fourth place in the B PFG, their highest finish in the league since 1973–74, and claimed a spot in the play-offs for promotion to A PFG. Svetkavitsa defeated Etar Veliko Tarnovo 3–1 on 17 June to earn promotion to the A PFG. It would be Svetkavitsa's debut appearance in the top league since the 1948 founding of the competition.
The club's record appearance maker is Boris Stoyanov, who made 544 appearances between his debut in 1962 and retirement in 1980, and the club's record goalscorer is Dimo Valev, who scored 105 goals in 289 games between 1959 and 1973.