The Aeros were the Western Division Champions from 1973-74 to 1976-77 seasons, as well as finishing second in the Western Division in 1972-73 and third in the league in 1977-78. They won the AVCO World Trophy in 1974 over the Chicago Cougars and in 1975 over the Quebec Nordiques, winning both series in a four-game sweep; and lost in the 1976 AVCO finals to the Winnipeg Jets, also in a sweep.
In 1977, merger discussions with the National Hockey League were first initiated. Houston, along with Cincinnati, Winnipeg, New England, Quebec, and Edmonton applied for entry into the NHL. After a lengthy debate, the NHL voted the proposal down.
Merger discussions resumed in 1978, but Houston was not part of the proposal this time, and as a result the Aeros elected to fold on July 6, 1978. During the final series of talks, Aeros owner Kenneth Schnitzer campaigned to the NHL that either his team be admitted as an expansion team independent of a merger, or he would attempt to purchase an existing club and relocate it to Houston. Neither came to fruition.
Bill Dineen was the Aeros head coach during their entire stay in the World Hockey Association.
Among the players for the Aeros were Gordie Howe and his two sons Mark and Marty, who became the first father/son combination to play together in professional hockey.
| Season | GP | W | L | T | Pts | GF | GA | PIM | Finish | Playoffs |
| 1972-73 | 78 | 39 | 35 | 4 | 82 | 284 | 269 | 1363 | 2nd, Western | Won Quarterfinals (Los Angeles) Lost Semifinals (Winnipeg) |
| 1973-74 | 78 | 48 | 25 | 5 | 101 | 318 | 219 | 1038 | 1st, Western | Won Quarterfinals (Winnipeg) Won Semifinals (Minnesota) Won Finals (Chicago) |
| 1974-75 | 78 | 53 | 25 | 0 | 106 | 369 | 247 | 1257 | 1st, Western | Won Quarterfinals (Cleveland) Won Semifinals (San Diego) Won Finals (Quebec) |
| 1975-76 | 80 | 53 | 27 | 0 | 106 | 341 | 263 | 1093 | 1st, Western | Won Quarterfinals (San Diego) Won Semifinals (New England) Lost Finals (Winnipeg) |
| 1976-77 | 80 | 53 | 27 | 0 | 106 | 320 | 241 | 1432 | 1st, Western | Won Quarterfinals (Edmonton) Lost Semifinals (Winnipeg) |
| 1977-78 | 80 | 42 | 34 | 4 | 88 | 296 | 302 | 1543 | 3rd, League | Lost Quarterfinals (Quebec) |
| Totals | 472 | 288 | 173 | 13 | 589 | 1928 | 1541 | 7726 |