SC Wiener Neustadt was founded in 2008, after former club SC Schwanenstadt was declared bankrupt. Originally operating under the name FC Magna Wiener Neustadt, the team merged with 1. Wiener Neustädter SC later in the year and became known as SC Magna Wiener Neustadt, with the 'SC' added as a means of acknowledging Wiener Neustädter SC's history. The team adopted its current, simplified name in 2009. They gained their place within the Austrian league by taking over the playing licence owned by SC Schwanenstadt, which enabled them to start off in the country's second tier.
After its creation, the founder of Magna International, Frank Stronach, was unanimously elected as the club's President. In February 2011, Stronach withdrew from the every day operations of the club and was replaced by the current president, Manfred Rottensteiner.
The team made a difficult start to life in the second tier, losing their first match 3-0 to FC Wacker Innsbruck. However, the remainder of their season was far more successful and Wiener Neustadt went on to win the division and gain promotion to the top flight, the Bundesliga. Although the club are yet to win a major trophy, they have consolidated their Bundesliga status, finishing in 5th place in their first season. In 2010, the team experienced their closest brush with major success, as they reached the final of the Austrian Cup. Unfortunately, they were beaten 1-0 in the match by Sturm Graz.
During its short history, some of the most notable players to play for the club include Johannes Aigner and Sašo Fornezzi.
Stadion Wiener Neustadt is the location used for the team's home matches. The venue, which is also known as Magna Arena, was previously used by 1. Wiener Neustädter SC. It first opened in 1955, but has been renovated several times since and can now hold 10,000 spectators.