The circuit was constructed on reclaimed swampland and originally named Autódromo 17 de Octubre, after Argentina's Loyalty Day. Following the overthrow of Perón, the name was changed several times before the track was ultimately dedicated to Argentine racing brothers Juan Gálvez (1916–1963) and Oscar Alfredo Gálvez (1913–1989), both icons of the Turismo Carretera championship. Oscar Gálvez was a competitor in the original 1953 Formula One event.
The facility sits on flat terrain encircled by large grandstands that provide spectators with views across much of the circuit. One of its defining characteristics is the large number of alternative layout configurations, designed to accommodate everything from Formula One and World Sportscar Championship events to domestic touring car series.
The first Argentine Grand Prix on the World Championship calendar took place at the circuit in 1953. Formula One used several different configurations over subsequent decades. The No.2 circuit hosted races from 1954 to 1960; the No.9 circuit was used from 1971 to 1973; and the very fast No.15 layout, introduced in 1974, became particularly celebrated. That configuration featured two long straights connected by a sweeping third corner that cars could take in top gear at close to 305 km/h, remaining flat out for approximately 40 seconds — a spectacle that drew enormous crowds to the grandstands.
The Argentine Grand Prix was removed from the 1982 calendar following Argentina's invasion of the Falkland Islands and Carlos Reutemann's sudden retirement. Formula One returned for four more races between 1995 and 1998 using a revised 4.2 km layout incorporating the S de Senna chicane, but that version proved unpopular with the series. After the 1998 race, financial difficulties ended the event.
The official Formula One lap record for the No.6 configuration is 1:27.981, set by Gerhard Berger in the Benetton B197 during the 1997 Argentine Grand Prix.
The circuit hosted ten Argentine Motorcycle Grand Prix events between 1961 and 1999. The 1000 km Buenos Aires sports car race was also held at the venue, using both the circuit and sections of nearby highway from 1954 to 1960; later editions in 1970–1972 used only the permanent track. The Buenos Aires Grand Prix was held at the circuit from 1952 to 2009.
The Autódromo remains active as the home of major Argentine national championships including Turismo Carretera, TC2000, and Top Race. A significant redevelopment programme is underway aimed at achieving FIA Grade 2 certification, with the goal of hosting MotoGP at the venue in 2027. Plans also include expanding spectator capacity to 150,000.
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