TPS was established in 1922 as Turun Palloseura, from which the acronym derives. The club began ice hockey activities after 1929. Today, the full name of the company that owns the ice hockey team is HC TPS Turku Oy.

TPS has won the Finnish Championship in ice hockey 11 times: 1956, 1976, 1989, 1990, 1991, 1993, 1995, 1999, 2000, 2001, and 2010. Only Tampere teams Ilves and Tappara have won more titles when SM-sarja also counts. Coach Hannu Jortikka led the club to a total of six championships in 1989–91 and 1999–2001. TPS have also won two Finnish Cups, a European Cup in 1994, the European Hockey League in 1997, and a Super Cup in 1997.

Vladimir Yurzinov used to be the coach of TPS in 1992–98. The team is currently coached by Tommi Miettinen.

NHL players from TPS include Saku Koivu, Mikko Koivu, Miikka Kiprusoff, Sami Salo, Petteri Nummelin, Niko Kapanen, Jere Lehtinen, Rasmus Ristolainen, Antero Niittymäki, Lauri Korpikoski, Mikko Rantanen, Artturi Lehkonen, Matias Maccelli, Juraj Slafkovský, Kaapo Kakko, Juuso Pärssinen and others.