The circuit was built in 1999 to provide the Valencia region with a dedicated motorsport venue. Its namesake, Ricardo Tormo, had been a celebrated figure in Spanish motorcycle racing, winning world titles before his early death, and naming the track after him was widely regarded as a fitting tribute. The facility was designed to accommodate large crowds and host events across multiple categories, from motorcycles to touring cars and single-seaters.
The circuit's most prominent annual event is the MotoGP Valencian Community Grand Prix, which serves as the traditional season-closing round of the MotoGP World Championship. This role gives the track an outsized importance in Grand Prix motorcycle racing, as it regularly hosts title-deciding or title-clinching moments for the riders championship.
Beyond MotoGP, Circuit Ricardo Tormo has hosted an exceptionally wide range of championships. The FIA GT Championship visited in 2000 and 2004. The World Touring Car Championship (WTCC) held its Race of Spain at the venue annually from 2005 to 2012. The European Le Mans Series ran the 1000 km Valencia in 2007. The Deutsche Tourenwagen Masters (DTM) used the circuit from 2010 to 2012. The GP2 Series held rounds there in 2006 and 2007, and the GP3 Series also ran events at the track. The Superbike World Championship and Supersport World Championship were present from 2000 to 2010.
From 2014, the NASCAR Euro Series adopted Valencia as the venue for its season-opening round, a position maintained in most subsequent years. In October 2024, the circuit hosted the third edition of the FIA Motorsport Games.
From the 2017–18 season, Circuit Ricardo Tormo replaced Donington Park as Formula E's primary pre-season testing venue, a role it has maintained across most subsequent seasons. In January 2021, the circuit was announced as a replacement host for the Valencia ePrix, forming rounds five and six of the 2020–21 Formula E World Championship after the Paris ePrix was cancelled. Held on 24 April 2021, this was historically notable as the first time a Formula E race had been staged on a permanent racing circuit. A temporary chicane was installed in the start-finish straight to adapt the layout for the single-seater electric cars. In October 2024, severe flooding in the Valencia area forced Formula E pre-season testing to be relocated to the Circuito del Jarama near Madrid.
The unofficial overall lap record at the circuit belongs to Anthony Davidson, who set a time of 1:08.540 during a 2006 test session in the Honda RA106 Formula One car.
The circuit has been recreated in numerous racing video games over the years. Tourist Trophy and Gran Turismo PSP were among the earlier titles to feature the track. It also appeared in Alfa Romeo Racing Italiano, GTR Evolution, and rFactor. As a permanent fixture on the MotoGP calendar, it has been included in every MotoGP game since the track opened in 1999, and featured in the SBK series from 2006 to 2013. Assetto Corsa Competizione added a recreation of the circuit in 2023.