Vörös Meteor was one of the most successful Hungarian clubs during the 1950s and early 1960s. They won the Hungarian Championship four times (1952, 1957, 1959, and 1963) and recorded eight other top-three finishes between 1950 and 1963. The club started to decline toward the mid-to-late 1960s, with the bottom falling out during the 1969-70 season. Vörös Meteor lost 29 out of their 30 league games that year and withdrew from the league at the season's conclusion.