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Founded from the amalgamation of Real Unión Deportiva de Valladolid and Club Deportivo Español (eventually Real Unión), Valladolid first reached the top level in the 1947–48 season, as champions of Segunda División. In the following year, the team pushed on from this success and reached the finals of the domestic cup in the Chamartín Stadium against Athletic Bilbao, eventually losing 4–1.

The next ten years were spent in the first division, and relegation was short-lived and Valladolid gained promotion again in 1958–59 with a 5–0 win over Terrassa FC under manager José Luis Saso, a legendary figure in the history of the team. He had originally been a goalkeeper for the club and subsequently went on to perform many roles, ending up as president of the team.

Valladolid swung between the first and second divisions in subsequent years, falling as low as to the third division in 1970–71. Promoted in 1992–93, the team was again sent down after the 2003–04 season. In 1984, Valladolid also won the Spanish League Cup (a competition only played in the early 1980s), over Atlético Madrid.

The side's highest position during this 11-year stint was seventh in 1996–97, being coached in the previous seasons by former Real Madrid Castilla coach Rafael Benítez, as various players from that team would also later appear for Valladolid.