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Louisville was mentioned as a potential candidate for an expansion team in National Women's Soccer League as early as 2018, shortly after construction began on their soccer-specific venue, Lynn Family Stadium. The ownership group of USL Championship club Louisville City FC began preliminary discussions with the league the following year, with plans to enter in the 2020 season. Louisville's NWSL expansion team was officially announced on October 22, 2019, sharing its ownership group with Louisville City FC. It would begin play in 2021 at Lynn Family Stadium.

In November 2019, NWSL filed a trademark application for "Proof Louisville FC", which was confirmed by Louisville City FC as their preliminary name for the team. The name references the local bourbon whiskey industry by using the term "proof", a measure of alcohol content. The ownership group later announced in April 2020 that they would explore other names with community input after a mixed reception from fans. The club's new name, Racing Louisville FC, was officially unveiled on July 8, 2020. PNC Bank was announced as the club's first kit sponsor on July 1, 2020, with the company's logo appearing on the back of the team's jerseys. On December 17, 2020, Louisville City announced that GE Appliances, which had already been that club's primary shirt sponsor (i.e., on the front of the kit), would expand this sponsorship to include all clubs under the Louisville City umbrella, including Racing.

Former Sky Blue FC head coach Christy Holly was named as Racing Louisville FC's first head coach on August 12, 2020. The club made their NWSL debut in the 2021 NWSL Challenge Cup, where they finished at the bottom of the East Division with two losses and two draws. Racing Louisville FC made their home debut on May 15, 2021, playing to a scoreless draw against Kansas City NWSL.

Holly was fired for cause on August 31, 2021, and the club named Mario Sanchez, head of the club's youth academy and former collegiate coach, as the interim head coach. After the season, veteran Swedish coach Kim Björkegren was named as the permanent replacement. In 2022, a report from U.S. Soccer revealed that Holly had allegedly sexually abused players as coach of Racing.

Racing named former NWSL MVP finalist and Best XI selection Bev Yanez as its new coach in November 2023.