The modern incarnation of the track opened on May 29, 1993, and operated continuously through 1998 before closing and reopening in 2000. During its lifetime the facility operated under several names, including Powercom Park Raceway, The Raceway at Powercom Park, Charter Raceway Park, Wisconsin Motorsports Park, and Raceway Park. The World of Outlaws sprint car series first visited the track between 1996 and 1998, then returned from 2002 onward and became a regular fixture on the calendar. The World of Outlaws Late Model Series added an event in 2020.
The track hosted the 2013 U.S. Dirt Legends Nationals in October of that year, and also featured on the POWRi Midget Racing and USAC National Midgets national touring calendars. In 2024 the track announced it would complete its final season and end weekly racing in 2025. The venue confirmed it would cease all operations after a "Grand Finale" event held on September 19 and 20, 2025.
Beaver Dam Raceway sat exactly 860 feet (260 metres) above sea level. A typical Saturday night program drew between 90 and 110 cars across its weekly divisions, which included modifieds, IMCA Stock Cars, Legends cars, sport modifieds, and street stocks. Special events were scheduled on holidays and weekdays throughout the summer season. The facility also featured a one-fifth mile go-kart track in the infield, which held Tuesday night events. The outright track record of 11.025 seconds was set by Sheldon Haudenschild on June 17, 2022.
The track attracted drivers from the United States, Canada, Japan, and Australia. Several competitors who raced at Beaver Dam Raceway went on to high-profile careers in NASCAR, including Kasey Kahne, Kenny Schrader, Tony Stewart, and Josh Wise. Sprint car legend Steve Kinser also competed at the venue.
Two fatal incidents occurred at the track. On September 20, 2014, Interstate Racing Association (IRA) Outlaw Sprint Series driver Scott Semmelmann was fatally injured when his car flipped during a practice session. The 410 sprint car tour event scheduled for that day was canceled.
On June 23, 2018, former Knoxville Nationals champion Jason Johnson was killed during the World of Outlaws Sprint Car Series A-main. On lap 18, while racing for the lead, Johnson's car made contact with another competitor and tumbled violently into the Turn 3 billboards. Johnson's death was one of the most high-profile losses in American dirt track racing that decade.
Beaver Dam Raceway served as one of the prominent clay oval venues in the upper Midwest for more than thirty years, providing a regular stop for the most prestigious national dirt track tours in North America. Its closure in 2025 marked the end of weekly short-track racing in the Beaver Dam community.