Original set to play as the Dayton Arrows, the team owned by Texas Oil tycoon Paul Deneau moved to Houston, becoming the Aeros before making their debut. In Dayton, the team found only lukewarm fan support and was unable to secure a suitable arena.

In Houston the team found some immediate support as they played their games at the Sam Houston Coliseum. Coached by Bill Dineen, the Aeros were one of the most talented teams in the World Hockey Association, as the raided some of the top prospects from the NHL.

The Aeros made their debut on October 12th, edging the Chicago Cougars at home. Through the first three months the Aeros played only mediocre hockey, holding a record of 16-16-4.

In January, the Aeros took off, winning 10 of 13 games as they went on to finish the season in second place in the Western Division with a record of 39-35-4, as Gord Labossiere led the team in scoring with 36 goals and 60 assists. In the playoffs the Aeros got off to a good start, winning the opener against the Los Angeles Sharks 7-2.

After the Sharks won the next two games, the Aeros facing a 3-1 deficit, scored a 3-2 win in overtime to even the series at two games apiece. The Aeros would go on to capture the series in six games.

In the semifinals the Aeros would meet their match, as they were overwhelmed by the Winnipeg Jets led by Bobby Hull in a four game sweep.