The circuit was built in 1960 by Jean Bernigaud and initially served as home to the prestigious Winfield racing school (École de Pilotage Winfield), which produced several distinguished drivers including François Cevert, Jacques Laffite, and Didier Pironi. The circuit opened on 7 August 1960.
By the 1980s the track had fallen into disrepair and ceased to host international motorsport. Its revival came in 1986 when the Conseil Départemental de la Nièvre purchased the facility and committed to a comprehensive redevelopment. The investment transformed Magny-Cours into one of France's premier racing venues and set the stage for its return to international competition.
Magny-Cours took over as the home of the French Grand Prix in 1991, succeeding Circuit Paul Ricard, and held the race without interruption until 2008. Over 18 editions the circuit witnessed some of Formula One's most memorable moments. In the rain-disrupted 1999 French Grand Prix, most front-runners encountered problems following a restart after a downpour, allowing Heinz-Harald Frentzen to claim a surprise victory for Jordan.
Michael Schumacher was a dominant force at the circuit. In 2004 he won the French Grand Prix using an unprecedented four-stop strategy. Two years later, at the 2006 French Grand Prix, Schumacher became the first driver in history to win a single Formula One Grand Prix eight times at the same circuit.
Despite the quality of racing on occasion, Magny-Cours suffered from structural disadvantages as an F1 venue. Its remote location in the Nièvre département offered limited access from major French cities, inadequate accommodation in the surrounding area, and restricted spectator access to much of the circuit. Attendance declined steadily and Bernie Ecclestone repeatedly questioned the circuit's place on the calendar. After the 2008 French Grand Prix, the event did not return. A provisional 2009 French Grand Prix appeared on early calendars but was cancelled in October 2008 after the FFSA withdrew financing.
The track is notable for naming several of its corners after famous turns at other circuits around the world. The fast Estoril corner at Turn 3, the Adelaide hairpin at Turn 5, and chicanes modelled on Nürburgring and Imola provide an unusual tribute to the global motorsport calendar. The circuit is very flat, with negligible elevation change — only a small valley near the Estoril corner and a slight rise near the Lycee corner.
Despite a 2003 redesign intended to encourage overtaking, including modifications to the final corner and chicane, the circuit retained its reputation for producing processional races in dry conditions. Most Formula One position changes occurred during pit stop sequences rather than on track. Wet weather races provided exceptions, as the 1999 Grand Prix demonstrated.
The Ligier Formula One team and its successor Prost Grand Prix were based at the circuit through the 1990s and conducted extensive testing there. A campus of the French engineering college Institut supérieur de l'automobile et des transports is situated at the circuit, alongside the Conservatoire de la monoplace française museum dedicated to the history of French single-seater racing.
Beyond Formula One, Magny-Cours has hosted the Bol d'Or 24-hour motorcycle endurance race from 2000 to 2014, the French motorcycle Grand Prix in 1992, the Superbike World Championship in 1991 and annually since 2003, and rounds of numerous international championships including the World Sportscar Championship, World Touring Car Championship, and FIA GT Championship. In 2009 the track hosted its first Superleague Formula event. The circuit was used as part of stage three of the 2014 Paris–Nice cycling race.
Magny-Cours represents the last chapter of an era in which the French Grand Prix rotated between purpose-built permanent circuits. After 2008 the race did not take place for several years, eventually returning to Paul Ricard. The circuit remains active as a testing and racing venue and continues to serve as an important motorsport facility in central France.