The Raiders started in 1972 as one of the most successful Tier II franchises in Canada, playing in the Saskatchewan Junior Hockey League (SJHL). Prince Albert won the Tier II national championship, four times in a six-year span from 1977 to 1982. The Raiders also won 7 straight Anavet Cups between 1976 until 1982 against various champions of the Manitoba Junior Hockey League.
In 1982, the city of Prince Albert was granted a WHL Franchise, as the Raiders moved up into the top echelon of junior hockey.
Just three years later, the Raiders were the best team in the WHL. Lead by team captain Dan Hodgson, the team achieved the best regular season record in the WHL of 58 wins, 11 losses and 3 ties. The Raiders defeated the Calgary Wranglers, Medicine Hat Tigers and the Kamloops Blazers in the WHL playoffs en route to a WHL Championship.
The Raiders went on the compete for the Memorial Cup in 1985, versus the Sault Ste. Marie Greyhounds, Verdun Junior Canadiens and the Shawinigan Cataractes. In their first game, Prince Albert lost 6-2 to the Shawinigan Cataractes before beating Verdun 5 to 3 with 2 goals from defenceman Dave Goetz. In game three, the Raiders defeated the Greyhounds 8-5, with Dan Hodgson recording 5 assists in the match. The two teams would play each other again in the semi-finals where Prince Albert would prevail once again. The Raiders won the Memorial Cup by defeating the Shawinigan Cataractes 6-1 in the championship game.
Since the 1985 Memorial Championship, the Raiders have produced a plethora of NHL players, including being the only team in the modern WHL era with two first-overall NHL Entry Draft Selections in Mike Modano (1988) and Chris Phillips (1996).
In total, the Raiders have had 15 players be selected in the first round of the NHL Entry Draft, including Josh Morrissey, Mark McNeill, Kyle Chipchura, Scott Hartnell, Steve Kelly, Brad Church, Denis Pederson, Dean McAmmond, Scott Allison, Pat Elyniuk, Kim Issel and Dave Manson and Dave Pasin.