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The Brisbane Bullets were founded in 1979 by Bob Young and Fred Van Dongen. Fred represented Brisbane at the NBL’s foundation meeting in an empty airline hangar at Sydney airport and had this to say about their thinking at the time.

“We feared if we didn’t go in it from the start, we wouldn’t get another chance. So we went for it.” – Fred Van Dongen

From that meeting the Bullets became one of ten foundation teams, joining two clubs each from Melbourne, Sydney and Adelaide as well as the Canberra Cannons, Newcastle Falcons and Illawarra Hawks to form the National Basketball League.

The first Bullets game was played on Saturday 24 February, 1979. A couple of hundred people gathered at Auchenflower Stadium for the birth of a new addition to the Queensland sporting landscape. The Bullets winning tradition would begin from that very first game, with a 77-70 victory over eventual grand final participants the Canberra Cannons.

Bob Young coached the inaugural side and Bruce Fitzgerald was named captain. The team wore red & white uniforms reflected the city's colours and floral emblem, the Poinsettia.

The Bullets competed in 30 consecutive seasons for the club, from 1979 to 2008 with a win/loss of 483-385. In this time, they made it to the postseason 21 times, winning 66% of their home games on the way to three Championships.

The first Brisbane Bullets NBL Championship came in 1985 where they defeated Adelaide and had a regular season record of 20-6, after finishing Runners-Up in 1984.

“Not many people realise that the Bullets were the first team to bring a national competition trophy to Brisbane in the professional era.” – Brian Kerle

Brian Kerle was head coach of the side from 1984-1992. In that time the Bullets had a winning record of 65%, reaching the play-offs six times, with two championships and two runners up finishes.

The second Brisbane Championship came in 1987 where the Bullets defeated the Perth Wildcats. That season, Leroy Loggins not only won the Grand Final MVP, but also the League MVP (his third, also 1984 & 1986) and defensive player of the year.

The Bullets third and most recent NBL title was won in 2007. In that season the team went on a 21-game winning streak, an NBL record that is still held today. Defeating the Melbourne Tigers in a best of five Grand Finals series, Sam Mackinnon was named the Larry Sengstock Medalist (Grand Final MVP) along with being awarded the NBL MVP and Best Defensive Player. Joey Wright also received Coach of the Year.

Despite narrowly missing out on a Grand Final appearance in the 2007/08 season, the Bullets departed from the league after the former owner was forced to sell the club, handing back the license to the NBL.

After years of public outcry to reinstate the Brisbane Bullets, moves were finally put in place to have the Bullets return to the league for the 2016–17 season. 

The team primarily adopted the traditional Queensland sporting colours of maroon and gold and returned to their former home venue at the Brisbane Convention & Exhibition Centre, Southbank. With the Entertainment Centre at Boondall as the Bullets alternate venue.

In 2017/18 the primary uniform colours changed to blue and gold reflecting the traditional Brisbane Bullets club colours.

The Brisbane Convention & Exhibition Centre and the Brisbane Entertainment Centre played home to the Bullets over the years however the Bullets move to Nissan Arena ahead of the 2019/20 season.

The NBL and the Brisbane Bullets have seen substantial growth in all areas including game attendance, TV viewership and across all digital platforms over the past few seasons. 

The Club reached 94% total arena attendance across the 2023/24 season and as a result the Bullets will return to Queensland's largest indoor arena, the Brisbane Entertainment Centre (BEC) ahead of the 2024/25 NBL season.

This strategic move marks a significant step forward for the Club, with the 10,500+ seat arena creating a great opportunity for growth.

2024 also saw the Club announce they will be located in the heart of the city, moving into a purpose-built High Performance Facility South Brisbane.

The facility provides elite-performance infrastructure for the Club including a new gym, FIBA approved court, shooting bays, enhanced treatment and recovery spaces, in addition to administration office spaces and a player lounge. There will also be a merchandise store at the front of the building for members and fans.