FK Mladost Velika Obarska was established in 1948. Originally known as DTV Partizan, the club first adopted its current name in 1956 and has retained it ever since. Over the years, the team have spent much of their time competing in the lower divisions of the various league systems they have been a part of. However, in recent seasons, they have managed to climb through the league structure in Bosnia and Herzegovina and have subsequently enhanced their reputation within the country.
For several decades, Mladost Velika Obarska formed part of Yugoslavia's football league structure, where they competed in various regional leagues. By the time of the country's collapse, they had climbed through several divisions and were competing in the regional North League of Bosnia and Herzegovina.
Since the dissolution of Yugoslavia, the club has experienced a dramatic climb through the ranks. After bouncing around the lower divisions for several years, the team gained promotion from the third tier at the end of the 2007-08 season. From there, they went on to establish themselves in the country's second tier, known as the First League of the Republika Srpska. Before long, the team were competing near the top of the league and in 2012-13, they were crowned as champions. As a result, they gained their first ever promotion to the Premier League. The side's best performance in the Cup of the Republika Srpska came in 1994, when they were able to reach the quarter final stage. To date, they have not participated in a major continental tournament.
Amongst the club's most notable former players are names like Branimir Bajić, Vladimir Todorović, Željko Krstić and Branislav Ružić.
Mladost Velika Obarska currently play their home matches at Gradski Stadion. The venue is one of the smallest stadiums to host top level games in the country, with a maximum capacity of 1,000.