The franchise originated as the 1901 Baltimore Orioles before an ownership syndicate bought and relocated it to New York in 1903, where it played as the Highlanders at Hilltop Park until adopting the Yankees name in 1913. The acquisition of Babe Ruth from Boston in 1919 transformed the club into a powerhouse; paired with Lou Gehrig, Ruth helped the Yankees win their first championship in 1923, and the team added four more titles by the end of the 1930s. A second great run followed in the late 1940s and 1950s under manager Casey Stengel, with Joe DiMaggio and later Mickey Mantle anchoring a string of titles including five consecutive championships from 1949 to 1953.

George Steinbrenner purchased the team in 1973 and, after a lean stretch, returned it to the top of the sport with titles in 1977 and 1978 following the arrival of free agency. A homegrown core led by Derek Jeter and Mariano Rivera produced another dynasty from 1996 to 2000 under manager Joe Torre, and the franchise added a 27th championship in 2009 after moving into a new Yankee Stadium. Ownership has remained with the Steinbrenner family, now led by Hal Steinbrenner, and the club reached the World Series again in 2024 behind Aaron Judge before losing to Los Angeles.