The Ospreys is one of the four professional rugby union teams from Wales. They compete in the United Rugby Championship and in European Professional Club Rugby competitions. The team formed as a result of Neath RFC and Swansea RFC combining to create a new merged entity, as part of the new regional structure of Welsh rugby, that began in 2003. They are also affiliated with a number of local semi-professional and amateur clubs, including Welsh Premier Division sides Aberavon RFC, Bridgend Ravens, and original founding clubs Neath and Swansea. The regional area represented by the team has widely become known for rugby purposes as 'Ospreylia'.

Their main home ground is the Swansea.com Stadium, Swansea, although some smaller profile games have been played at the Brewery Field, Bridgend. Ospreys currently play in a black home strip, while the away strip is white. The Ospreys logo consists of an image of an Osprey mask.

The Ospreys are the most successful Welsh team in the history of the Celtic League or Pro12 tournament, having won the competition four times. They also became the first and only Welsh regional team to beat a major touring side, defeating Australia 24–16 in 2006.

The European Rugby Champions Cup is an annual rugby union tournament organised by European Professional Club Rugby. It is the top-tier competition for clubs who compete in a predominantly European league. Clubs qualify for the Champions Cup via their final positions in their respective national/regional leagues or via winning the second-tier Challenge Cup; those that do not qualify are instead eligible to compete in the second-tier Challenge Cup.

Between 1995 and 2014, the equivalent competition was known as the Heineken Cup and was run by European Rugby Cup. Following disagreements between its shareholders over the structure and governance of the competition, it was taken over by EPCR and its name was changed to the European Rugby Champions Cup, without title sponsorship. Heineken returned as sponsor for the 2018–19 season, resulting in the competition being known as the Heineken Champions Cup. Although they are technically two separate competitions, run by different organisations, the European Rugby Cup and the European Rugby Champions Cup are recognised as one title chain of elite club championships in Europe, with teams that have won multiple titles ranked, for example, by the aggregate of their wins in both versions.