The team played its first season in 1972, as one of the twelve founding franchises of the major professional World Hockey Association (WHA) and subsequently joined the NHL in 1979 as part of the NHL/WHA merger.

Defenseman Kevin Lowe was drafted in the first round, 21st overall, of the 1979 NHL Entry Draft by the Edmonton Oilers, the franchise's first ever NHL draft selection. (That same year, Edmonton drafted Mark Messier in the 3rd round and Glenn Anderson in the 4th.) Lowe played 13 full seasons in his first stint with the Oilers, and helped lead them to five Stanley Cups. He holds the franchise record for games played with 1,037.

The mascot, a Canadian lynx, is named Hunter as a tribute to "Wild Bill" Hunter, the original owner of the Edmonton Oilers who founded the team in 1972.

Wayne Gretzky is the only player in NHL history to score over 200 points in a season, and he did it four times, peaking at 215 in 1985-86.

During his playing career, Kelly Buchberger was known for his gritty play and leadership. He won two Stanley Cups with Edmonton, in 1987 and 1990, and set a franchise record with 1,747 penalty minutes.

In 1987-88, Craig Simpson scored 43 goals for the Oilers on 118 shots, giving him a remarkable 36.4% shooting percentage.

In the 1983 Stanley Cup Finals, the New York Islanders had swept the Oilers in four straight games. The teams rematched in 1984, with the Islanders seeking their fifth consecutive Stanley Cup championship, but the upstart Oilers won the best-of-seven series, four games to one, to claim their first Stanley Cup.

In 1987-88, Grant Fuhr appeared in 75 of 80 Oilers games, winning a career high 40 games and getting 4 shutouts, while posting a 3.43 GAA and becoming the first Oilers goalie to win the Vezina Trophy. He also finished second in voting for the Hart Memorial Trophy as league MVP, behind Mario Lemieux and ahead of teammate Wayne Gretzky.

Gretzky won the Lady Byng Memorial Trophy for sportsmanship and performance five times, and often spoke out against fighting in hockey.

In 2007-08, Edmonton set an NHL record winning 15 of 19 shootouts for a .790 winning percentage.