Milton Keynes Dons

The first season for the club as Milton Keynes Dons was 2004–05, in Football League One, under Stuart Murdoch, who had managed Wimbledon F.C. since 2002. The team's first game was on 7 August 2004, a 1–1 home draw against Barnsley, with Izale McLeod equalising with their first competitive goal. Murdoch was sacked in November and replaced by Danny Wilson, who kept Milton Keynes Dons in the division on the final day of the season — largely due to Wrexham's 10-point deduction for going into administration. The following season, Milton Keynes Dons struggled all year, and were relegated to League Two; Wilson, as a result, was sacked.

Wilson's successor for 2006–07 was Martin Allen, who had just taken Brentford to the brink of a place in the Football League Championship. Milton Keynes Dons were in contention for automatic promotion right up to the last game of the season, but eventually finished fourth and had to settle for a play-off place. They then suffered a defeat to Shrewsbury Town in the play-off semi-finals. During the 2007 summer break, Allen left to take over at Leicester City.

For the 2007–08 season, former England captain Paul Ince took over as manager. Milton Keynes Dons reached the final of the Football League Trophy, while topping the table for most of the season. The final was played on 30 March 2008 against Grimsby Town — Milton Keynes Dons won 2–0 at Wembley to bring the first professional trophy to Milton Keynes. The club capped the trophy win with the League Two championship, and the subsequent promotion to League One. Following his successes, Ince left at the end of the season to manage Blackburn Rovers.

Ince's replacement was former Chelsea player Roberto Di Matteo, taking his first role as a manager. In the 2008–09 season, they missed out on an automatic promotion spot by two points, finishing third behind Peterborough United and Leicester City. They were knocked out of the play-offs by Scunthorpe United, who defeated MK Dons by penalty shootout at Stadium MK. Di Matteo left at the season's end for West Bromwich Albion. A year after leaving, Ince returned as manager for the 2009–10 season. He resigned from the club on 16 April 2010, but remained manager until the end of the season.

On 10 May 2010, Karl Robinson was appointed as the club's new manager, with former England coach John Gorman as his assistant. At 29 years of age, Robinson was at the time of his appointment the youngest manager in the Football League. In his first season in the club Milton Keynes Dons finished fifth in 2010–11 League One. They faced Peterborough United in the play-off semifinals. Although they won the first leg 2–1, a 2–0 defeat at London Road meant they missed out on the play-off final, losing the Semi-Final 3–2 on aggregate goals.

The 2011–12 season brought similar results to the previous season with the Dons finishing fifth in 2011–12 League One facing Huddersfield in the play-offs. Losing the first leg 2–0 followed by winning 2–1 at The Galpharm saw Milton Keynes Dons lose 3–2 on aggregate against the eventual play-off winners. The away leg was John Gorman's last match in football after announcing his retirement a few weeks beforehand. Gorman's replacement was announced on 18 May 2012 as being ex-Luton manager Mick Harford along with new part-time coach Ian Wright.

Milton Keynes Dons experienced their best ever FA Cup campaign in the 2012–13 season by beating a spirited Cambridge City (0–0 and 6–1), League Two fierce rivals AFC Wimbledon (2–1), Championship Sheffield Wednesday (0–0 and 2–0) and Premier League Queens Park Rangers (4–2) to reach the fifth round of the competition for the first time in their history. Their record-breaking run ended in the fifth round at Stadium MK on 16 February 2013, losing 3–1 to Championship side Barnsley. After being in the top five for most of the season, the club finished the 2013–14 League One season in tenth place.

The 2014–15 season began well. The highlight event of the season's first month was being drawn against Manchester United in the League Cup second round, having dispatched AFC Wimbledon in the first. The Dons recorded a shock 4–0 victory over Manchester United in front of a sell out crowd at Stadium MK. A few weeks later, the Dons recorded their record win, a 6–0 thrashing of Colchester United at home. That record did not last long as it was broken once again with a 7–0 demolition of Oldham Athletic on 20 December 2014. Just over a month later, on 31 January 2015, the Dons recorded a joint record 5–0 away win against Crewe Alexandra, earning a short-lived top spot. On 3 May the club secured promotion to the Football League Championship for the first time, beating Yeovil Town 5–1 and leapfrogging Preston North End (who lost 1–0 at Colchester United) on the final day of the season.

The Dons started life in the Championship by beating Rotherham United away 4–1 on the opening day of the season and gaining seven points from a possible 12 in their first four games. They were not able to sustain this form throughout the season – the Dons did not win any of their final 11 games and they returned to League One after finishing 23rd in the Championship.

On 23 October 2016, Karl Robinson left the club by mutual consent, following a 3–0 home defeat by Southend United the previous day, which had extended the Dons' winless run to four games and left them 19th in the League One table.

Robbie Neilson joined MK Dons as manager from Scottish Premiership club Heart of Midlothian in his native Scotland, with his first official game in charge coincidentally an FA Cup tie against Karl Robinson's new club Charlton Athletic. Neilson's reign started off well, with his second game in charge a win over AFC Wimbledon, and in late January 2017 a local derby win against Northampton Town.

The following season started badly; however, on 30 December 2017 the team was noted for a remarkable 1–0 derby win against Peterborough, playing with 9 men for 68 minutes after controversial refereeing decisions and 13 minutes of added time. Neilson left by mutual consent on 20 January 2018 after a run of one win in eleven league games with the club 21st in the table; he was sacked the same day as his last game, a disappointing away 2–1 derby defeat against relegation rivals Northampton Town.

Under Neilson's successor, Dan Micciche, the club continued to struggle in the relegation places. Following a run of poor results with only three wins in sixteen matches in charge, Micciche left the club on 22 April 2018, with assistant manager Keith Millen taking over as a caretaker. On the penultimate weekend of the season another defeat relegated them to League Two (leaving them seven points from safety with one game to play).

Former Exeter City manager Paul Tisdale was appointed in June 2018 after 12 years at his previous club. After a season where the Dons were tipped to be favourites for promotion, the club spent most of the season around the automatic promotion and play-off places. Going top after a 2–0 win over Macclesfield Town in November, the club sunk to 8th in February before being one win way away from automatic promotion against play-off hopefuls Colchester United in the penultimate game. The Dons lost 2–0 which led to a "winner takes all" game against 3rd placed Mansfield Town, who were separated by goal difference, to determine who was promoted. MK Dons won 1–0 in front of nearly 21,000 fans meaning they returned to League One at the first attempt.

Following a poor start to the 2019–20 season in which the Dons achieved only one point from a possible 27, the worst run of results in the club's history, Tisdale's contract with the club was mutually terminated on 2 November 2019 following a 1–3 home defeat to fellow relegation-threatened Tranmere Rovers. The next day, Russell Martin was announced as the new permanent first-team manager; he had joined as a player earlier in the year. Fixtures were suspended on 13 March 2020 due to the COVID-19 pandemic, and the clubs later voted to end the season prematurely with immediate effect on 9 June 2020, with the final table decided upon by an unweighted points-per-game system resulting in the club finishing the season in 19th place, thus avoiding relegation.

The Dons went into the final weekend of the 2021–22 League One season with a chance of gaining automatic promotion to the Championship, and even had a slim chance of becoming Champions if they won by a big score and other results went their way. They comfortably beat Plymouth Argyle 5–0, but both Wigan Athletic and Rotherham United won their games against Shrewsbury Town and Gillingham, respectively, to claim the two automatic promotion berths. The Dons finished third and faced Buckinghamshire rivals Wycombe Wanderers in the play-offs. Despite the Dons having home advantage in the second leg of their semi-final, Wycombe won 2–1 on aggregate to reach the final at Wembley.

MK Dons suffered relegation to League Two in the 2022–23 League One season. Liam Manning was replaced as manager in December 2022, but successor Mark Jackson registered just six wins in 25 games and was sacked after the side were relegated following a final day 0–0 draw at Burton Albion.

On 27 May 2023, MK Dons appointed Graham Alexander as their new head coach. After an eight-match winless run, Alexander was sacked with MK Dons in 16th place. On 17 October 2023, MK Dons announced that they had appointed Gateshead manager Mike Williamson as their new head coach. He led MK Dons to a 4th-placed finish, where they faced Crawley Town in the play-off semi-finals. Crawley won 8–1 on aggregate, inflicting the largest play-off defeat in EFL history on the club. This was the sixth time MK Dons had competed in the play-offs without reaching a final.

On 9 August 2024, the owner, Pete Winkelman, sold the club to a Kuwait-based consortium, with Fahad Al Ghamin becoming the club's new chairman, representing the first change in ownership since the club's inception. After four losses in the opening six games, including a 3-0 defeat to arch-rivals AFC Wimbledon, Mike Williamson was appointed as the manager of Carlisle United on 19 September, with the Cumbrians meeting the release clause in his contract. MK Dons appointed Williamson's replacement, the Crawley Town boss Scott Lindsey, on 25 September 2024.