Brynäs IF was formed by Nils Norin, Ferdinand Blomkvist, and Thure Ternström on 12 May 1912 and began to play ice hockey in 1939. The club has also competed in association football, athletics, bandy, swimming, and water polo. The team has played in the hockey league's top flight since 1960 and has won the Swedish championship 13 times, most recently in 2012.
Brynäs IF became the world's first ice hockey club to collaborate with the United Nations Program UNICEF, after signing a five-year contract with the organisation on 20 November 2013 (expiring in 2018). On 3 June 2014, the club also signed a five-year contract with Gävle Municipality (expiring after the 2018–19 season). The municipality acquired the naming rights for the club's home arena and renamed it Gavlerinken Arena. The latter collaboration also meant the municipality would pay the club to play with ad-free jerseys, starting in the 2014–15 season, as the only SHL team. The arena is since September 2019 named Monitor ERP Arena.
In 2021, after finishing 13th (out of 14 teams) in the regular season, the team was forced to defend its SHL status for the first time since 2008, playing a best-of-seven series against the last-placed team, HV71, with home advantage.