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The Cougars were a long-running junior club based in Victoria when the team joined the Western Canada Hockey League in 1971, one of three teams based in British Columbia added to the WCHL that year to give the league a presence in all four Western Canadian provinces. The Cougars won one league title, in 1981, but in 1994, struggling with attendance and travel costs, were abruptly sold and moved to Prince George. The move made the Cougars the most remote team in the entire Canadian Hockey League (CHL), requiring drives of more than seven hours to play road games. The Prince George Cougars debuted in the 1994–95 season at the Prince George Coliseum until the construction of the team's own arena, the Multiplex, was completed in time for their second season.

The Cougars missed the playoffs in their first two seasons, but made two runs to the Division finals over the following four seasons, first finding success under coach Stan Butler. However, the Cougars missed the playoffs altogether seven times between 2003 and 2014, and sagging attendance led to the team being put up for sale, threatening relocation. In late 2013, owner Rick Brodsky initiated the sale process; local investor Greg Pocock sought the team, and partnered with former Cougars Dan Hamhuis and Eric Brewer to form an investors group committed to keeping the team in Prince George. The sale was approved by the WHL on April 30, 2014. The new ownership immediately sought to revitalize the team, renovating team facilities and seeking community partnerships. On the ice, the team won its first B.C. Division regular season title in 2016–17.

The team's most successful season came in 2023–24, with the Cougars setting franchise records with 49 wins and 102 points and entering the playoffs as the top-ranked team in the CHL, topping the WHL's Western Conference standings for the first time. Forwards Zac Funk and Riley Heidt both surpassed the previous scoring record for the team, with Funk setting a new mark with 123 points, along with a record 67 goals, and Heidt posting a record 80 assists. In the playoffs, the team advanced to the Western Conference final for the first time since 2007, where they faced the Portland Winterhawks. The Cougars lost the series in six games, with the sixth game ending in the second overtime period—the longest game in Cougars history. After the season, coach and manager Mark Lamb was named the WHL's coach and executive of the year.