Rangers have won 53 League Championships, more than any other club in the world. They have won the Scottish League Cup 26 times — more than any other Scottish club — and the Scottish Cup 33 times. In 1961 Rangers reached the final of the European Cup Winners' Cup, becoming the first British club to reach the final of a UEFA club competition. They won the European Cup Winners' Cup in 1972, having been the runners-up in 1961 and 1967, and were runners-up in the 2008 UEFA Cup Final.

The club have traditionally been identified with and favoured by the Protestant and Unionist community of Scotland, as well as the Unionist community in Northern Ireland. For most of their history, Rangers have enjoyed a fierce rivalry with their cross-city opponents Celtic, and the two are collectively known as the Old Firm.

The four founders of Rangers – brothers Moses and Peter McNeil, Peter Campbell and William McBeath – met in 1872 and named their team after an English rugby club upon seeing the name in a book. In May of that year the first match was played, a 0–0 draw in a friendly against Callander F.C. on the public pitches of Glasgow Green. The only other match played that year was another friendly against a team called Clyde (not the present-day Clyde) resulting in an 11–0 victory and featuring the debut of the club's blue strip. The official founding of Rangers is recognised as taking place in 1873, when the club held its first annual meeting and staff were elected. The first season's fixtures were all friendlies, as the deadline for joining the Scottish Football Association had been missed, meaning the team did not take part in the inaugural Scottish Cup. By 1876 Rangers had their first internationalist, with Moses McNeil representing Scotland in a match against Wales, and by 1877 Rangers had reached a Scottish Cup final. The first ever Old Firm match took place in 1888, the year of Celtic's establishment. Rangers lost 5–2 in a friendly to a team composed largely of "guest players" from Hibernian.

The 1890–91 season saw the inception of the Scottish Football League, and Rangers were one of ten original members. By this time Rangers were playing at the first Ibrox Stadium. Rangers' first ever league match took place on 16 August 1890 and resulted in a 5–2 victory over Heart of Midlothian. After finishing equal-top with Dumbarton a play-off was held at Cathkin Park to decide the who would be champions. The match finished 2–2 and the title was shared for the only time in its history, the first of Rangers' world record 53 championships. Rangers' first ever Scottish Cup win came in 1894 after a 3–1 victory over rivals Celtic in the final. By the turn of the century Rangers had won two league titles and three Scottish Cups.

The 1919/20 season heralded the dawn of a new era for Rangers as manager William Wilton and number two William Struth initiated a Rangers dominance that was to last until the outbreak of the Second World War in 1939. Though winning this season with 31 wins out of 42 games and scoring 106 goals, it was overshadowed by the subsequent death of manager, William Wilton. Taking over the manager's mantle, William Struth guided Rangers to a further 14 titles before the war. This period was also noteworthy for the attendances. On the 2 January 1939 a British league record was broken as 118,567 fans turned out to watch Rangers beat Celtic in the traditional new year holiday Old Firm match.

The 1971 Ibrox disaster overshadowed what happened on the pitch to a large extent in the early 1970s. On 2 January 1971, in the final minutes of the New Year's Day Old Firm game with the score set at 0–0, Jimmy Johnstone scored for Celtic. Within seconds Colin Stein had equalised for Rangers. As the 80,000 strong crowd was trying to disperse at full time, many fell down the stairway at the Copland Road end of the ground. Their momentum led to large scale crushing and 66 people died. It was initially thought the crush was caused by Rangers fans rushing back up the stairwell after the equaliser; however, a later enquiry said that the crush was likely to have happened ten minutes after the final whistle and to have been triggered by someone falling on the stairs. A benefit match to raise funds for the victims' families took place after the disaster. A joint Rangers and Celtic team took on a Scotland XI at Hampden watched by 81,405 fans.[citation needed]

In 1972, Rangers defeated FC Dynamo Moscow to win the Cup Winner's Cup, their first and only European trophy to date. Captain John Greig received the trophy in a small room within the Nou Camp due to a pitch invasion by Rangers fans.

Every year from 1988–89 season until the 1996–97 season, Rangers won the league title. This 9 in a row achievement meant that they equalled Celtic's record. The first three of these seasons the club was managed by Graeme Souness, the later six under the stewardship of Walter Smith.

Dick Advocaat became only the tenth manager in the history of Rangers when he succeeded Walter Smith on 1 June 1998.

His first signing was his former skipper at PSV, Arthur Numan and other big names followed such as Andrei Kanchelskis, Giovanni Van Bronckhorst and Colin Hendry. In his glorious first year in charge the Little General led the team to the domestic treble and that was no mean feat considering he had completely changed the team. Legends like Ian Durrant, Ally McCoist, Richard Gough, Brian Laudrup, Andy Goram and Stuart McCall were all gone so Dick's achievement was truly remarkable.