The land at Charterhall was first used as a First World War landing ground, known as RFC Eccles Tofts, from at least 1917. The airfield was reconstructed in 1941 and reopened on 30 April 1942 as a satellite station for No. 54 Operational Training Unit, which trained crews on the Bristol Blenheim, Bristol Beaufighter, and later the de Havilland Mosquito. The station earned a grim reputation during the war years due to a high accident rate among trainee crews — the site recorded approximately 2,000 accidents in 1942 alone, of which nearly 200 were fatal, earning it the nickname "Slaughterhall."
Among those who died at the station was Richard Hillary, an Australian Battle of Britain ace and author of The Last Enemy, who was killed on 8 January 1943 when his Bristol Blenheim stalled on approach during night fighter retraining. A memorial to Hillary, his observer Wilfred Fison, and all who died serving at RAF Charterhall was unveiled in 2001 by the Duke of Kent. The RAF departed in 1947 and the airfield reverted largely to agricultural use.
Motor racing began at Charterhall on 6 April 1952 when the first Formula Libre race was organised. A two-mile (approximately three-kilometre) circuit was marked out using parts of the old disused runway, creating a layout with a notably long straight that encouraged overtaking. Initial reports noted the circuit surface was bumpy, though drivers acknowledged it compared favourably with other circuits then available in Britain.
Racing continued at Charterhall for twelve years, with the circuit hosting numerous Formula Two and Formula Libre events. It also served as a test track for the Ecurie Ecosse team, the Scottish sports car racing outfit that achieved success at Le Mans in the 1950s. Notable drivers who competed at Charterhall included Roy Salvadori, Giuseppe Farina, Stirling Moss, and Jackie Stewart.
Jim Clark's connection to Charterhall was particularly significant. Clark, who grew up on a farm near Duns just a few miles from the circuit, competed in 31 events there across his early career and won his first motor race at the venue. The proximity of a competitive circuit to his home allowed Clark to develop his skills in local events before he moved on to national and international competition, and Charterhall is therefore closely associated with the formative years of one of the greatest Formula One drivers of the twentieth century.
Motor racing at Charterhall ended in 1964 when the Borders and District Motor Club began directing its activities to the new Ingliston Racing Circuit near Edinburgh. The Charterhall Stages Rally was subsequently organised at the airfield site by the Border Ecosse Car Club from 1986, continuing until its final edition on 30 March 2013.
The site today retains two of the original wartime hangars, though in deteriorated condition. The two main runways remain relatively intact and the airfield is used occasionally as a private unlicensed strip for light aircraft, though without maintenance or refuelling facilities.