The band was formed in 1976 by Svaba Lakić (keyboards) and his old school friend Joe Rakić (guitar). After visiting Germany and getting interested in the Secrets of the Oriental Pillgrims (from Hermann Hesse's book "The Glass Bead Game", after which the band was named), Svaba decided with Joe to form a band with musical influences by Can, early Pink Floyd, Hawkwind, Tangerine Dream or Holgar Czukay. Until the arrival of the Predrag Wolf Vuković (percussion) and bass guitarist Draško Dracula Nikodijević, the band did not appear live. In 1977, drummer Dragan Šoć was included into the lineup. In 1978 they entered the studio and recorded their debut album " ISP". They described their music as "the music of the flow-consciousness". The cover was designed by Vuković. Following the release of the album, Drak left the band and was replaced by Slobodan Boba Trbojević who was a electric bass player from jazz band "Ptica" and Džuboks music magazine journalist. The second album "Vrt svetlosti" ("The Garden Of Light" ,1980) was promoted live on TV at fashion show in hall Beko in Belgrade. In 1982 director Stanko Crnobrnja make a short movie about them called "Na svoj nacin". Their last public appearance was in 1985, in the Sava Center Concert Hall in Belgrade, on the occasion of the celebration concert dedicated to the anniversary of the music magazine ITD with music critics Aleksandar Zikic on guitar and Slobodan Boba Trbojevic on bass/vox.

During the summer of 1991, the remaining members, with Thomas Werner, the owner of Kalemegdan Disk record label, released three Igra Staklenih Perli LPs, which featured unreleased material recorded in the 1976 - 1979 period.

In 2005, Austrian record label Atlantide reissued both "Igra Staklenih Perli" and "Vrt Svetlosti" on vinyl. In 2007, remastered editions of both Igra Staklenih Perli studio albums appeared in Serbia and Germany. PGP-RTS label Retrologija, under which remastered albums were released, published both studio albums on one CD entitled "Igra Svetlosti" (The Game Of Light). Second Harvest from US, remastered and expanded both albums on separate CDs, in 2007, as well. The band reunited in 2011, but in 2012 split in the two separate lineups: "ISP The Next Generation" and "Igra Staklenih Perli (original) : "The.Glass.Beads.Game".