Kärpät was founded in 1946 and the first hockey game was played on 30 January 1949. In the 1960s, Kärpät began its junior work that is well-known today for producing young talents like Jesse Puljujärvi and Sebastian Aho, both of whom have featured previously in the CHL before moving on to the NHL. 

The Raksila Arena was built in 1975 – the same year the SM-liiga was founded and Kärpät entered the league in 1977 and won its first championship a few years later in 1981.

Tough times for the side began in 1989, when Kärpät fell out of the league and didn't rise again until the millennium. After that long march in the dark, Kärpät has been the most successful team in the Finnish league: winning the regular season eight times, and winning the playoffs seven times. In 2013–14 they completed the double and broke several league records including having a 17-game winning streak in the fall.

Kärpät is the northernmost Liiga team, more than 300 km from its nearest opponent. Kärpät has an active fanbase throughout the country, appearing prominently at its away games in southern Finland as well.