Riga FC was established in 2014 after a merger of two Rīga based teams – FC Caramba (founded in 2012) and Dinamo Rīga (founded in 2005 and still exists today under this name). In the 2015 season the team played in the Latvian second division (Nākotnes līga) under the name of FC Caramba/Dinamo. After winning Nākotnes līga and earning promotion to the Virslīga, the club changed its name to Riga FC.

They finished 5th in their first season and 3rd in their second season before emerging as a dominant force in Latvian association football, winning three Virslīga titles in a row. In 2021, they were eclipsed by their arch-rivals RFS and have been struggling to win titles ever since, with the exception of the Latvian Cup in 2023 and Supercup in 2024 (both times on penalties vs RFS). Despite not winning a major title or showing anything special in Europe for the past 4 years, Riga FC are still perceived as the flagship club of Latvian club football and as something of a sleeping giant. The club remains adamant to pursue a win in every game and a trophy in every domestic competition, often to the point of being reckless and short-term oriented. Riga FC are consistently, by far, the most valuable club in the Baltics as per Transfermarkt data. They also have the largest budget of any sports club in the region, not just in football but across any association sport. This allows them to routinely sign high profile players and coaches (eg. Thorsten Fink in 2022).

In addition to being the big spenders in Latvian football, Riga FC have a reputation for being impatient with their managers, swapping a coach every 128 days on average. The only head coach to ever complete a full season with Riga FC was Tomislav Stipić during Virslīga season 2023.

Their fan club – Riga FC fans – has the largest headcount of any other official fan movement in the Virslīga and they are known for their affection for drums. Uniquely, they even have their own shirt sponsors, which is why the club kit that they wear may differ from what the players wear.

Riga FC are based at the legendary Skonto Stadium in central Rīga and have training facilities in Mežaparks (including their artificial pitch and sports complex at Ķeizarmežs (Kaiserwald)) and in Piņķi, half-way between Rīga and Jūrmala. The facility in Piņķi – the Baltic Sports Village – is planned to eventually host a fully functional 5000 seat stadium, although construction works have been stalling in recent years.

The club is owned by the cofounder of the discount retail chain Fix Price, russian billionaire Sergey Lomakin, who also owns Pafos FC on Cyprus and FC Rodina Moscow in russia. In 2020, he was added to the persona non grata list by the Latvian Ministry of the Interior.