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The club was founded in 1897 and started participating in ice hockey in 1928. Since then, HIFK has won the Finnish national championship seven times, of which three (1969, 1970, 1974) were in SM-sarja and four (1980, 1983, 1998, 2011) were in the SM-liiga. HIFK has the highest number of audience in the SM-liiga and is one of the wealthiest sports clubs in Finland.^[]

The derbies against local rivals Jokerit were often sold out and were in the later years among the fiercest in Nordic ice hockey, but are no longer played following Jokerit's withdrawal from Liiga after the 2013–14 season to join the Russian-based Kontinental Hockey League (KHL). Following a history of even series of games, HIFK won the game total with 106–105 after a 2–1 victory in a classical outdoor game in March 2014, claiming the title of Helsinki's dominion.

HIFK's general manager starting from May 1, 2008, is Jukka Valtanen. He is the successor of Pentti Matikainen, who coached Team Finland to its first hockey Olympic medal (silver) in Calgary 1988.

The championship team from 1998 is widely recognized as one of the best ever to have skated together in the top flight of Finnish ice hockey.^[] Players on the 1998 championship team included a number of future (and former) NHL players – including Tim Thomas, Jan Čaloun, Johan Davidsson, Bob Halkidis, Olli Jokinen, Jere Karalahti, Jarno Kultanen, Brian Rafalski, Christian Ruuttu, Jarkko Ruutu, Kimmo Timonen and Marko Tuomainen.