It was established in 1947. In 1991 it has merged with another team from Livorno, Pallacanestro Livorno (keeping the Libertas name). In 1994 the team has gone bankrupt and is currently playing in Serie C2 (sixth-highest level of Italian basketball). Another team, Basket Livorno, represents Livorno in LegADue.
Libertas has reached the Italian championship finals in the 1988/89 season and participated in the Korać Cup in the 1984/85 and 1989/90 seasons. In the past, due to sponsorship deals, it has also been known as Fargas Livorno (1966-68), Peroni Livorno (1982-85), Cortan Livorno (1985-86), Boston Livorno (1986-87), Enichem Livorno (1987-89), Enimont Livorno (1989-90) and Baker Livorno (1991-94).
Pallacanestro Livorno's best result in Serie A was 8th place in the 1987/88 season. It has participated in the Korać Cup in the 1988/89 season. Due to sponshorship deals, it has also been known as Cama Livorno (1955-56), Magnadyne Livorno (1980-81), Rapident Livorno (1981-84), O.T.C. Livorno (1984-85), Allibert Livorno (1985-89), Garessio 2000 Livorno (1989-90) and Tombolini Livorno (1990-91).