The event was established in 1990 and expanded steadily to encompass not only historic racing but also live music, family entertainment, club car displays, and auctions. Its 30th anniversary in 2020 was held online due to the COVID-19 pandemic, with postponed in-person celebrations taking place at the 2021 edition. Originally staged in late July, the event moved to the August bank holiday weekend from 2022 onward.
The track programme typically features 20 races spanning Grand Prix, GT, Sports, and Touring Car history. To accommodate the large number of entrants, racing is organized from two paddock complexes: the National Paddock handles morning sessions while the International Paddock operates in the afternoon. Hundreds of historic race cars compete across the weekend, while over 10,000 classic cars from more than 100 car clubs are displayed throughout the grounds.
Each edition of the festival is built around significant automotive anniversaries, which have ranged from marque centennials to landmark model birthdays.
In 2014, a world record parade of 84 grand prix cars was led by Sir Stirling Moss to mark the 50th Formula One Grand Prix at Silverstone. The 2019 edition celebrated the 50th anniversary of Jackie Stewart's first Silverstone win in 1969 alongside the Bentley centenary. The 2017 festival marked what would have been McLaren founder Bruce McLaren's 80th birthday with a record-breaking McLaren display, and also honored Williams Racing's 40th anniversary and Nigel Mansell's 1992 championship title.
In 2016, Can-Am racing's 50th anniversary was the centrepiece, featuring a dedicated double-header race. The 2013 event celebrated 50 years of Lamborghini and the Porsche 911's birthday with a parade of 911 examples, while 2011 saw a Guinness World Record set for the largest parade of Jaguar cars, with 767 Jaguar E-Types on track together to mark the model's 50th anniversary.
The 2022 edition was headlined by the 60th anniversaries of the Ford Cortina, Shelby Cobra, Lotus Elan, and James Bond films, alongside the 50th anniversary of BMW M and the 40th anniversary of Group C sports-prototype racing.
Beyond the circuit, the Silverstone Festival encompasses a shopping village, interactive activities on a Village Green, and live car auctions conducted by Iconic Auctioneers since 2011, with over six million pounds in auction sales recorded in recent years. Live music performances take place on Friday, Saturday, and Sunday evenings. Artists to have appeared include McFly, Rick Astley, the Sugababes, Sophie Ellis-Bextor, Busted, and Olly Murs.
The Silverstone Festival's longevity and scale reflect a broader revival of interest in historic motorsport that has grown steadily since the 1990s. By pairing competitive racing with concours displays, record-breaking parades, and headline music acts, the event has established a model that balances accessibility for casual visitors with substantive historic racing for enthusiasts and competitors alike.