The club is a product of a partnership in 2001 between Zultse VV and KSV Waregem, a former first division regular. No merger was applied. Zulte Waregem first reached the highest level in Belgian football by winning the 2004–05second division. The club outfits are red and green. They play their home matches at the Regenboogstadion, the former stadium of KSV Waregem.
Zulte Sportief was founded in 1950 and directly became a member of the national association (matricule n° 5381). The club Zultse V.V. (with the same matricule) was started after the 1976 merger between Zulte Sportief and S.K. Zulte. In 2001, the team merged with K.S.V. Waregem, who had played in the first division for many years. No team from Zulte ever achieved promotion to the second division before S.V. Zulte Waregem in 2002. Zultse V.V., though, gained access to the third division in 1995. The club finished 14th out of 16 for two seasons and was relegated the second time after the playoff.
In 1999, the season in which it came back, Zultse finished 4th in this division. Two years later, the new club became champion of the 3rd division A. The registered office of Zulte Waregem lies in Zulte but the club is based in the stadium of K.S.V. Waregem in Waregem and the red and white colours of K.S.V. Waregem prevail.
Zulte Waregem plays its home matches at the Regenboogstadion, which means Rainbow Stadium in Dutch. The stadium used to be the home of K.S.V. Waregem until the withdrawal of the club. It has 6,800 seats, with a full capacity of 10,200. The hospitality accommodations and the field can be seen their own Virtual Tour or on Google Streetview. The field is surrounded by a track. The Regenboogstadion does not meet UEFA's requirements for hosting UEFA Cup games, so Zulte Waregem's home games in the 2006–07 competition were played at the home of K.A.A. Gent.