The museum dates back to 1956, with the first museum at the Indianapolis Motor Speedway completed on April 7, 1956. The original building was designed by C. Wilbur Foster and Associates and was sited on the property's southwest corner. Karl Kizer became the first curator. By 1961, the museum was seeing an average of 5,000 visitors per week, not including month of May crowds. The museum moved to its current building in 1976, which opened to the public on April 5, 1976. This expanded museum officially operated under the name Hall of Fame Museum, but was known colloquially as the Indianapolis Motor Speedway Hall of Fame Museum.
In 1975, the Indianapolis Motor Speedway broke ground on a new 96,000-square-foot (8,900 m2) museum and administration building inside the track's infield. The Indianapolis Motor Speedway was added to the National Register of Historic Places in 1975 and designated a National Historic Landmark in 1987. A plaque commemorating this historic designation is displayed in the museum. In 2016, a revitalization and modernization project was initiated to expand the museum's floor space and add interactive displays. In April 2016, the museum was officially renamed the Indianapolis Motor Speedway Museum.
In November 2023, the museum closed for substantial renovations. It reopened on April 2, 2025, after an $89 million renovation and modernization project. The renovations include seven permanent and three rotating galleries, a new area dedicated to non-vehicle artifacts, and new interactive displays, such as a pit stop challenge allowing visitors to simulate a race-day tire change. Access to the basement, which houses a large portion of the collection, became public when the museum reopened in 2025.
The museum has about 75 cars on display at any given time, with floor space totaling 37,500 square feet (3,480 m2). The collection includes over thirty Indianapolis 500 winning cars, various other Indy cars, and several racing cars from other disciplines. It also includes pace cars and passenger cars, with a particular focus on those manufactured in Indiana and by Indiana companies. Other items on display include trophies, plaques, and racing paraphernalia such as helmets, gloves, and driver's suits. Rotating exhibits include elements such as model cars, photographs, toys, and paintings. Displays include highlights of the history of Speedway ownership, the evolution of the track, and memorabilia from past years.
Notable Indianapolis 500 winning cars in the collection include the 1911 Marmon Wasp (driven by Ray Harroun), the 1939–1940 Boyle Special Maserati (driven by Wilbur Shaw), and the 1961 Bowes Seal Fast Offy (driven by A. J. Foyt). Other Indy cars include the 1931 Cummins Diesel driven by Dave Evans, the first car to complete the Indianapolis 500 without a pit stop, and the 2005 Panoz/Honda driven by Danica Patrick, the first female driver to lead a lap during the Indianapolis 500. The museum is the permanent home for the Borg-Warner Trophy and the PPG Trophy, awarded to the winner of the Brickyard 400.
The Indianapolis Motor Speedway Hall of Fame, formerly known as the Auto Racing Hall of Fame, dates back to 1952. It was established and supported by the American Automobile Association (AAA) and the Ford Foundation. Tony Hulman acquired and revived the hall of fame in 1961, incorporating it into the Speedway museum's organization. As of 2025, there have been 169 inductees enshrined into the hall. The scope of the Hall of Fame was redefined in 2018 to encompass participants in all major racing events at the Indianapolis Motor Speedway, including the Indianapolis 500, Brickyard 400/Verizon 200, U.S. Grand Prix (2000–2007), and major AMA-sanctioned motorcycle racing. The 2026 Hall of Fame inductees will be Scott Dixon and Giampaolo Dallara.
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