The 2020–21 season was the second season of KK Cedevita Olimpija since its establishment in 2019. The club competed in the Slovenian League, the Adriatic League, and the EuroCup. Cedevita Olimpija won their first trophy of the season, the Slovenian Supercup, on 17 September 2020. In May 2021, they won the Slovenian League title after defeating Krka 3–0 in the final.