The track features 15-degree banking in the turns and 9-degree banking on the straights. The turns are 55 feet wide, while the straights are 48 feet wide. This configuration, along with its steep banking and wide turns, gives the track a nearly circular shape and contributes to its reputation as one of the fastest short tracks in America. Pit facilities include a paved portion on the inner quarter oval and front straight, water, scales, concessions, an electric scoreboard, and vendors for racing equipment, fuel, and tires.
Five Flags Speedway was built by Bud Williamson Sr. in 1953 for $90,000. It was originally a half-mile dirt oval. At its first meeting on May 31, 1953, severe dust from the surface caused a 14-car crash on the first lap of the first feature race. The track was subsequently paved before the NASCAR Grand National Series visited a fortnight later. Herb Thomas won the Grand National race in 1953, driving his Fabulous Hudson Hornet, after rain forced the race to be red-flagged at 140 of the scheduled 200 laps. Lee Petty was in contention for second before the rain started.
Bud Williamson Sr. sold the speedway to Ohio businessman Tom Dawson in 1968. Dawson decided to replace the Supermodifieds with full-bodied Stockers, believing that the fields could be strengthened with cheaper stock cars. This proved correct, and Late Models have been the premier class since.
Five Flags Speedway runs several local classes during its regular racing season, which typically runs from March through October. Races are usually held on Friday nights on a bi-weekly basis. Classes include Super Late Models, Pro Late Models, Pro Trucks, Outlaw Stocks, Sportsman, Pure Stocks, Super Stocks, and Bombers.
In addition to the 1953 Grand National race, Five Flags has hosted various regional touring series, including:
NASCAR Southeast Series, from 1991 through 1997
ARCA Racing Series, from 1992 to 1996
NASCAR K&N Pro Series East, in 2013 and 2014
ASA National Tour, in 2002
CARS X-1R Pro Cup Series, from 2001 to 2003
Superstar Racing Experience, in 2022
In 2019, the ARCA Menards Series returned to the track for one year. Following the merger between ARCA and NASCAR after the 2019 season, the former NASCAR K&N Pro Series East, renamed the ARCA Menards Series East, began racing at Five Flags in 2020.
The Gulf Coast Region SCCA also runs monthly two-day Autocross events on the track's inner road throughout the year, with a variety of layouts depending on weather conditions, and an average course time of 35 seconds.
The track's signature event is the Snowball Derby, which has been held every December since 1968. ESPN has described it as "one of the premier late-model stock-car races in the country, attracting some of the top drivers." The first Snowball Derby was a 100-lap race, won by Wayne Niedecken, with Red Farmer claiming the pole. Past winners include Donnie Allison, Darrell Waltrip, Rich Bickle Jr, Kyle Busch, Erik Jones, and Chase Elliott. The current track record for Super Late Models is 16.120 seconds, set by Ty Majeski in qualifying for the 2015 Snowball Derby.
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