The club was founded as SG Aue in 1945 and on 1 November 1948 became BSG Pneumatik Aue. Changes in sponsorship led to a change in name to Zentra Wismut Aue in 1949 and then simply to SC Wismut Aue in 1951. 1951 they promoted to the DDR-Oberliga. In 1954 the government decided that the nearby city Chemnitz(now called Karl-Marx-Stadt) should have a good team. So the name of Aue was changed to SC Wismut Karl Marx Stadt. But the club still played in Aue. In 1963 Karl Marx Stadt got its own team so the club was renamed to SC Wismut Aue.
Till 1989 Aue was one of the most successful teams in the DDR. They were 3 times winner of the DDR Oberliga (1956, 1957, 1959) and won the Cup once(1955). In the united Germany the started in the NOFV-Oberliga Süd (4th stage). With the establishment of the Regionalliga Nordost (3rd stage) in 1994, the club qualified for the new league. 200o they came to the Regionalliga Nord and were promoted to the 2. Bundesliga after the 1st place there. 2007 they were again relegated but came back in 2010.