For most of the 1960s, they were considered the best team in the world.
After Pele left the club in 1973, they went back to being an unremarkable provincial team, winning only two regional tournaments in the following 28 years plus an obscure and extinct South American contest known as the Conmebol Cup.
Now Santos are back, winning the Brazilian championship, thanks to a team with an average age of under 23 and one of Brazil's most explosive coaches Emerson Leao.
Sunday's 3-2 title-clinching win over Corinthians was a fairly typical game for Leao and his youngsters.
While the coach ranted and raved on the touchline, eventually getting himself sent off for dissent, Santos's 18-year-old striker Robinho pulled the Corinthians defence apart, scoring one goal and setting up the other two.
Robinho, whose trickery is compared with past Brazilian greats such as Garrincha, and 17-year-old midfielder Diego, who limped out of Sunday's game with a thigh injury, have been heralded as the brightest prospects to have emerged from Brazil in several years.
Former Brazil and AS Roma international Falcao, now a commentator for Globo television, spent most of the halftime interval counting how many times Robinho had feinted before provoking his hapless marker Rogerio into giving away a first-half penalty -- converted by Robinho himself.
Falcao eventually settled for a total of eight after several replays of the move in which Robinho sent Rogerio first one way, then the other.
Robinho's skills are typical of the uninhibited Santos style which has provided a much-needed
INTIMIDATION
Although Brazil claimed an unprecedented fifth title at this year's World Cup, the domestic game has stagnated through a combination of the exodus of top players to European clubs, chaotic organisation and a growing culture of on-field violence.
Santos had to survive enormous intimidation during their semi-final win over Gremio, whose goalkeeper Danrlei warned that Robinho could have his leg broken by angry defenders if he insisted on making his markers look stupid.
Santos's success has been borne of necessity as the club began the year with financial problems which prevented them signing any big-name players and forced them instead to turn to their youngsters.
In winning the championship, they far exceeded their expectations.
"It's marvellous to see so many good young players appearing," said Leao, who has resurrected his own career.
Only 18 months ago, Leao was unceremoniously sacked as Brazil coach following a dismal display at the Confederations Cup which ended in a 1-0 defeat by Australia.
Leao was fired even though he was forced to field a third-string team because of club commitments. After eight months in the job he was told the news as his team prepared to board the flight home at Tokyo airport.
The coach is now hoping to keep his team together for at least another six months to try and win the South American Libertadores Cup -- a title Santos last won back in 1963.
