The circuit was constructed under the presidency of Juan Perón and on opening bore the name Autódromo 17 de Octubre, commemorating Loyalty Day — the date in 1945 when mass public demonstrations secured Perón's release from military detention and propelled his political rise. Following Perón's overthrow in 1955, the track was renamed the Autódromo Municipal Ciudad de Buenos Aires, and went through several further name changes before being renamed in 1989 after Argentinian racing driver brothers Oscar Alfredo Gálvez (1913–1989) and Juan Gálvez (1916–1963). The current dual-sibling name, honouring both brothers, was adopted in 2008.
The site was originally constructed on flat swampland, and the circuit's topography reflects this: the venue sits on level ground surrounded by large grandstands, with sightlines that allow most spectators to see the majority of the track simultaneously. One of the facility's defining characteristics is the large number of alternative layouts it offers, achieved by rearranging the use of infield chicanes and connectors to produce configurations of substantially different character.
The Autódromo has been used in numerous configurations across its history, each identified by a number. The No.2 circuit was used for the first Argentine Grand Prix in 1953 and remained in service through 1960. For Formula One's return in 1971, the No.9 layout was employed, giving way in 1974 to the No.15 configuration — considered the fastest version of the track. The No.15 added two long straights and a long third corner taken flat-out at approximately 305 km/h (190 mph); cars held full throttle through this section for around 40 seconds, providing exceptional spectacle for grandstand spectators at the corner exit. The No.15 was in use through 1981. Formula One's final visits used the twisty No.6 configuration, which incorporated an S-bend section in place of the Tobogán corner, running from 1995 to 1998.
Twenty Argentine Grand Prix races were held at the Autódromo between 1953 and 1998. The inaugural 1953 race took place just a year after the circuit opened. A continuous run of events continued through 1960, resuming in 1971 after a decade's absence. The race was dropped from the 1982 calendar following Argentina's invasion of the Falkland Islands and the simultaneous retirement of Carlos Reutemann, the country's most prominent contemporary Formula One driver, after the 1982 Brazilian Grand Prix. Formula One returned in 1995 under a new commercial arrangement, but the No.6 circuit configuration used in that period was not well regarded by teams or drivers, and after the 1998 race funding shortfalls led to the event's permanent removal from the calendar.
The circuit also hosted the 1000 km Buenos Aires sports car event, which used the Autódromo in combination with sections of nearby highway from 1954 to 1960, before returning as a circuit-only event from 1970 to 1972.
Ten Argentine motorcycle Grand Prix races were staged at the circuit between 1961 and 1999. The Autódromo is scheduled to return to the MotoGP calendar in 2027 as part of a major redevelopment programme, with the circuit being upgraded to FIA Grade 2 standard.
The Autódromo has served as the primary venue for Argentina's national touring car categories throughout its history. Turismo Carretera, TC2000, Turismo Nacional, and Top Race V6 have all held rounds at the circuit across multiple decades. The venue has also hosted rounds of the Stock Car Pro Series from Brazil, the TCR South America Touring Car Championship, and the South American Super Touring Car Championship.
The size of the infield and surrounding land has made the Autódromo a venue for large-scale concerts. The Creamfields festival editions of 2007, 2008, 2010, and 2011 were held at the track, drawing headline acts including The Chemical Brothers, Carl Cox, David Guetta, Deadmau5, and Calvin Harris.