Foundation - Established in 2002, MK Lightning filled the void left by the departure of the Milton Keynes Kings. The MK Kings had a disagreement with rink operators Planet Ice, resulting in their move to Solihull in May 2002, where they briefly operated as the Solihull MK Kings before folding after just one season in April 2003.

2002-2006 - After the Ice Hockey Superleague ended in 2002/03, UK ice hockey underwent major changes. Milton Keynes Lightning became a founding team in the new Elite Ice Hockey League but played in the lower English Premier Ice Hockey League. Their initial squad included local players, one Finnish import (Mikko Skinnari), and three Canadian imports (Nick Poole as Player Coach, Claude Dumas, and Dwayne Newman). In their debut season, Lightning finished 2nd, trailing the Peterborough Phantoms. They faced off in the playoff final, with Lightning emerging as the victors, sparking a rivalry. Lightning continued to dominate EPL Ice Hockey, winning league championships in 2003–04 and 2004–05, as well as playoff victories until 2006, often relying on Player Coach Nick Poole and Telford native Gary Clarke for scoring.

2006-2008 - In the 2006–07 season, MK Lightning faced challenges for the first time. Issues like a shortage of talented new players, key veteran departures, predictable strategies, and stronger opponents contributed to their 5th-place finish. They were also eliminated from the playoffs early. The following season (2007/08) saw things worsen as they finished 6th in the league, prompting a major roster overhaul for the upcoming season.

2008 - 2010 - The 2008–09 Lightning squad featured experienced ex-Elite League players, young British talents, and new European imports, such as Lukas Zatopek, Andre Smulter, and Joakim Wiklander (replacing the injured Ales Perez). Despite a slow start, they excelled in the latter half of the season, finishing as runners-up to Peterborough. In the playoff final, they faced the Phantoms, but Peterborough emerged as the winners. In 2009–10, even with the addition of Elite League teams Basingstoke Bison and Manchester Phoenix to the EPIHL, Lightning became the dominant force. Strengthening their squad with players like Monir Kalgoum and goaltender Alex Mettam, they reclaimed the EPIHL league trophy with a home victory against Swindon Wildcats in March 2010.

2010 - 2015 - In the 2010–11 season, despite adding Slovenian International Blaz Emersic to their roster, MK Lightning had an inconsistent year, finishing 5th in the league and losing the playoff final to Guildford Flames. The following season (2011–12) didn't fare any better, as they also finished 5th despite leading the league in December. They suffered a playoff quarter-finals loss to Slough Jets, despite initially holding a three-goal lead.

The 2012–13 season was marred by injuries, with star player Adam Calder's career-ending hip injury and the retirement of Milton Keynes Lightning legend Nick Poole in January. The team finished 4th and lost in the playoff semi-finals to Guildford Flames.

In 2013–14, home games were played in Coventry due to the Milton Keynes rink's renovation, affecting the team's consistency. They managed to finish 4th and were runners-up in the cup to Basingstoke Bison. The 2014–15 season started poorly, with the team initially playing in Coventry. After the Milton Keynes rink's completion, they returned home but continued to struggle, finishing the season in 7th place, their lowest-ever position. Despite their league performance, they made it to the playoff semi-finals, losing to Manchester Phoenix.

2015-2017 - In 2015, Milton Keynes Lightning underwent significant changes. Head coach Nick Poole took over as General Manager, and Peter Russell, the Team GB coach, replaced him as head coach. Additionally, they formed a partnership with the Coventry Blaze, which lasted one season. They also changed their team colors to white, black, and blue due to sponsorship from Smith Recycling.

The 2015–16 season showed promise initially but ended with a modest improvement, finishing 5th in the league. They made it to the playoff final but lost to Guildford Flames. In preparation for the 2017–2018 season, it was announced that Milton Keynes Lightning would compete in the Elite Ice Hockey League.

In November 2016, Nick Poole stepped down as General Manager. The team had a strong final season in the EPL, finishing 2nd in the league and winning the EPL cup in a penalty shootout against Peterborough in March 2017. They performed well in the playoffs, securing their 5th playoff title by defeating Telford in the final 7–2 after a semi-final victory over Guildford.

2017-2019 - In May 2015, Milton Keynes Lightning joined the Elite League for the 2017–2018 season under new ownership, Graham and Monica Moody, after Planet Ice sold the club. Their debut Elite League season started well but suffered from poor away performances and disappointing results, leaving them near the bottom of the table by early January. The situation worsened when US Import Matt Nickerson's contract was terminated in January following an altercation with a Guildford Flames fan. In February 2018, Coach Peter Russell left the club by mutual consent, and Canadian Doug McKay took over.

The 2018–19 season began poorly, and in November 2018, Doug McKay left the team for personal reasons. Players Ryan Lannon and Tim Wallace temporarily took on coaching duties, with Wallace taking full control in January 2019. In March 2019, it was announced that Milton Keynes Lightning would leave the Elite League and join the new National Hockey League from the 2019–2020 season due to financial reasons. They finished the season in 11th place, well behind the 10th-placed Dundee Stars.

2019-2022 - Following the 2018–2019 season, Milton Keynes Lightning appointed Lewis Clifford as Head Coach for the inaugural season of the NIHL National League. However, before the season began, issues arose with unpaid wages, debts, and poor management, causing sponsors to withdraw their support. Planet Ice, the rink operators, decided to award the ice contract to a supporters-based consortium called 'Lets Play Hockey' rather than the club's owners, Graham and Monica Moody.

The consortium had sought to operate an Elite League franchise for the 2019–20 season but was unsuccessful. The team, managed by the consortium, was accepted into the NIHL National League, with Lewis Clifford continuing as coach. Despite disruptions caused by the COVID-19 pandemic, the 2019/20 season ended with the team in sixth place.

The 2020/21 season was delayed due to the pandemic, but Lightning participated in the Streaming Series. The full league action resumed in the 2021/22 season, where the team, although showing promise, struggled for consistency and finished 5th. After a playoff final defeat to Sheffield Steeldogs, Lewis Clifford stepped down as General Manager and Head Coach, and player/Director of Hockey Development Tim Wallace took over as Player/Coach.