The circuit was built in 1952 and originally named Autódromo 17 de Octubre, after the date of Loyalty Day, a public holiday associated with the Perón government. Following Perón's overthrow in 1955, the venue was renamed Autódromo Municipal Ciudad de Buenos Aires, later acquiring a longer institutional name under the Buenos Aires city administration before ultimately being renamed in honour of the brothers Juan Gálvez (1916–1963) and Oscar Alfredo Gálvez (1913–1989), two of Argentina's most celebrated racing drivers. The name was formalised as Autódromo Oscar y Juan Gálvez in 2008.
The site sits on flat land surrounded by large grandstands that give spectators sightlines across much of the circuit. Multiple configurations were laid out from the beginning, using different combinations of the permanent infield sections and the straights connecting them, allowing the venue to accommodate different formulas and series without requiring structural rebuilding.
The Argentine Grand Prix was held at the Autódromo twenty times between 1953 and 1998. During that period the circuit used several distinct layouts. The No.2 configuration, a relatively straightforward arrangement, hosted races from 1953 to 1960. After a gap from 1961 to 1970 when Formula One was absent from Argentina, the sport returned in 1971 using the No.9 circuit. From 1974 to 1981 the very fast No.15 layout was employed, adding two long straights and a sweeping third corner that cars could carry at around 305 km/h, making it flat out for approximately forty consecutive seconds. Spectators found this section particularly dramatic as cars frequently exited the corner on the edge of spinning or crashing.
The Argentine Grand Prix was removed from the calendar after 1981, with Argentina's invasion of the Falkland Islands in 1982 and Carlos Reutemann's sudden retirement cited as contributing factors. When the race returned in 1995 it used the tighter No.6 layout featuring the S de Senna section, a configuration that attracted criticism from drivers and was not considered a success. The Argentine Grand Prix was dropped permanently after 1998 when funding could no longer be secured.
Beyond Formula One, the circuit hosted the 1000 km Buenos Aires sports car event repeatedly across different eras. The race was first held in 1954 and ran through 1960 using a configuration that combined the Autódromo with sections of nearby highway. It returned from 1970 to 1972 using only the circuit itself. The Buenos Aires Grand Prix for various national and regional formulae was held at the venue from 1952 through to 2009.
The Argentine Motorcycle Grand Prix was staged at the Autódromo ten times between 1961 and 1999 using various layouts, with a return scheduled for 2027 following a major redevelopment programme intended to bring the circuit up to FIA Grade 2 standard for MotoGP.
Across its entire history the Autódromo has been the principal venue for Argentina's domestic racing scene. Turismo Carretera, the country's oldest and most popular touring car series, has used the circuit consistently since 1952. TC2000, Top Race V6, Turismo Nacional, and Fórmula Nacional Argentina have all been regular fixtures. The circuit has also hosted rounds of international series including the South American Super Touring Car Championship, the TCR South America Touring Car Championship, and Stock Car Pro Series events from Brazil.
The Autódromo Oscar y Juan Gálvez remains operational and continues to host domestic Argentine racing across multiple categories. Its longevity across more than seventy years of activity, combined with the breadth of different formulas it has accommodated and its association with Argentina's golden era of Formula One during the 1970s and 1980s, make it the defining facility in South American circuit racing history.