After the newly founded Calgary Broncos folded prior to commencement of the inaugural WHA season, the Oilers were renamed the Alberta Oilers as it was planned to split their home games between Edmonton and Calgary. Possibly for financial reasons or to allow for a less complicated return of the WHA to Calgary, though, the team ultimately played all of its home games in the Edmonton Gardens and subsequently changed its name back to the Edmonton Oilers the following year.

The Oilers joined the National Hockey League for 1979 – 1980, along with fellow WHA teams Hartford Whalers, Quebec Nordiques, and the Jets following a merger agreement between the two leagues. Of these four teams, only Edmonton has avoided relocation and renaming; the Nordiques became the Colorado Avalanche in 1995, the Jets became the Phoenix Coyotes in 1996, and the Whalers became the Carolina Hurricanes in 1997.

Gretzky break his own assists record three more times (125 in 1982–83, 135 in 1984–85, and 163 in 1985–86); he also bettered that mark (120 assists) in 1986–87 with 121 and 1990–91 with 122, and his point record one more time (215, in 1985–86). By the time he finished playing in Edmonton, he held or shared 49 NHL records, which in itself was a record. The Edmonton Oilers finished first overall in their last WHA regular season. The same success was not immediate when they joined the NHL, but within four seasons, the Oilers were competing for the Stanley Cup. The Oilers were a young, strong team featuring, in addition to Gretzky, future Hall of Famers including forwards Mark Messier, Glenn Anderson and Jari Kurri, defenceman Paul Coffey, and goaltender Grant Fuhr. Gretzky was its captain from 1983–88. In 1983, they made it to the Stanley Cup Final, only to be swept by the three-time defending champion New York Islanders. The following season, the Oilers met the Islanders in the Final again, this time winning the Stanley Cup, their first of five in seven years.

The 1984 Stanley Cup playoffs, the championship of the National Hockey League (NHL) began on April 4, after the conclusion of the 1983 – 1984 NHL season. The playoffs concluded on May 19 with the champion Edmonton Oilers defeating the New York Islanders 5–2 to win the Final series four games to one and win the Stanley Cup, the franchise’s first Stanley Cup.

The 1984 – 1985 NHL season was the 68th season of the National Hockey League. The Edmonton Oilers won their second straight Stanley Cup by beating the Philadelphia Flyers four games to one in the final series.

The 1987 Stanley Cup playoffs, the championship of the National Hockey League (NHL) began on April 8, after the conclusion of the 1986 – 1987 NHL season. It concluded on May 31, with the Edmonton Oilers defeating the Philadelphia Flyers to win the Stanley Cup. In an attempt to reduce the number of first round upsets, the NHL expanded the best-of-five series in the first round to a best-of-seven series.

The 1988 Stanley Cup playoffs, the championship of the National Hockey League (NHL), began on April 6, after the conclusion of the 1987 – 1988 NHL season. It concluded on May 26, with the defending champion Edmonton Oilers defeating the Boston Bruins to win their second straight Stanley Cup and fourth in five years.

In a surprising and shocking trade, Gretzky, along with enforcer Marty McSorley and centre Mike Krushelnyski, were traded to the Los Angeles Kings on August 9, 1988. In exchange, the Oilers received $15 million US cash, young star Jimmy Carson, 1988 first round draft choice Martin Gelinas, and the Kings’ first round draft picks in 1989, 1991, and 1993. The trade occurred because Pocklington didn’t want to risk Gretzky leaving Edmonton without getting anything in return. Gretzky had converted his personal services contract with Pocklington into a standard five-year player’s contract with the Oilers in the summer of 1987 with an option to declare himself an unrestricted free agent after the 1988 – 1989 season. During the 1987 – 1988 season, Pocklington had approached Gretzky about renegotiating the contract, but Gretzky, unwilling to give up his chance at free agency, refused, which ultimately led to the trade. None of this was public knowledge at the time.

The 1990 Stanley Cup Playoffs for the National Hockey League (NHL) championship began on April 5, 1990, following the 1989 – 1990 regular season. The sixteen teams that qualified, from the top four teams of the four divisions, played best-of-seven series with re-seeding after the division finals. The Conference Champions played a best-of-seven series for the Stanley Cup.