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The team was formed on 30 May 1907 as the football department of the gymnastics club Memminger Turnvereins 1859 and became independent in the fall of that year. They re-joined TV on 14 February 1919 before regaining their independence in March 1924 as FC Memmingen 07 Verein für Rasensport und Leibesübungen. The association later adopted its current name, FC Memmingen 07 Verein für Leibesübungen.

Prior to World War II the team captured seven local titles at various levels of play. In 1933 it took part in qualification play for the Gauliga Bayern, one of sixteen new top-flight divisions formed in the re-organization of German football under the Third Reich.

FCM made a first appearance in the top-league of Bavaria in 1953, when, after finishing second in the 2nd Amateurliga Schwaben, the club was admitted to the new Amateurliga Südbayern (III). Its first season there was not very successful and the team found itself relegated after finishing last. It bounced back with a 2nd Amateurliga title in 1955 and a finish at the top of its promotion group. Two good seasons followed with top-five finishes but in 1958, the club was relegated once again. It finished on top of the 2nd Amateurliga once again in 1958, after having to play a decider against TSV Göggingen, which it won.

The two following seasons in the Bayernliga were difficult and the club was relegated once more in 1961. The team remained in the 2nd Amateurliga and qualified for the new tier-four Landesliga Bayern-Süd in 1963.

After a brief drop to the tier-five Bezirksliga from 1966 to 1968, the club recovered and, by winning the Landesliga in 1970, returned to the now single-division Amateurliga Bayern. The team was to remain at this level for the following seventeen years, quite an achievement, but, except for 1980, when it came third, it never finished in the top half of the table. The 1987–88 and 1988–89 seasons were spent in the Landesliga but then the club returned to the Bayernliga once more for the next thirteen seasons.

The club's most successful season came in 1996–97, when they came within a hairsbreadth of advancing to the Regionalliga Süd (III). Memmingen held a 3−2 lead in a promotion playoff versus Kickers Offenbach when the stadium floodlights failed, bringing the match to a premature halt. Offenbach won the subsequent re-play and advanced to the Regionalliga.

After another relegation in 2002 and a one-year stint in the Landesliga, the club returned to the Bayernliga.

In 2007, FC Memmingen celebrated its centenary and inaugurated its refurbished Stadion an der Bodenseestraße with an Allgäu derby match against FC Kempten in front of 6,650 spectators. The club had the best support in the Bayernliga in the 2007–08 season with over 1600 spectators per game.

FC Memmingen holds the record for Oberliga Bayern seasons with its 37th in 2009–10 and also leads the overall table of this league.^[] The club won the Bayernliga title in 2009–10 and thereby earned promotion to the Regionalliga Süd for the first time. In 2012 the club became part of the new Regionalliga Bayern where it played until relegation in 2022.