The circuit traces its origins to the efforts of Ron Dickson, president of D3 Motorsport Development, who held international rights for CART racing in the 1980s. Following lobbying by Queensland business figures and a meeting with State Premier Joh Bjelke-Petersen, Queensland was chosen as the race destination, and Surfers Paradise was selected over Brisbane. Dickson's organisation designed the original circuit layout, which went through several revisions before the final configuration was accepted, including the addition of a first chicane late in 1990 to address concerns about excessive speeds in the southern and northern sections of the track.
Preliminary planning was conducted from 1988 onward, and the circuit formally opened on 15 March 1991. Construction of the temporary venue required erecting seven bridges, installing over 2,500 concrete barriers, placing more than 11,500 grandstand seats, and laying some 16 km of security fencing, with the project completed over a two-month period. The construction methodology became an internationally recognised benchmark for temporary street circuit building.
From 1991 to 2008, the Surfers Paradise Street Circuit hosted an annual American open-wheel event. The Gold Coast Indy 300 opened the 1991 IndyCar season, and the race became a fixture on the calendar for nearly two decades. The circuit at that time measured 4.470 km and featured several fast sections along with two chicanes.
Following the merger of the Indy Racing League and Champ Car World Series in February 2008, the race's future appeared secured through 2013. However, the event was dropped after a single demonstration race under the merged series. A replacement was briefly arranged with the A1 Grand Prix, but A1GP collapsed before delivering its cars, and the race was ultimately cancelled in October 2009.
A notable achievement from this era came in 2011, when Sebastien Bourdais became the first driver to win at Surfers Paradise in both a Champ Car and a V8 Supercar, having taken Champ Car victories in 2005 and 2007.
Australian touring car racing arrived at Surfers Paradise in 1994 as a support category and grew in prominence over time. From 2003 to 2007, the Supercars category officially shared top billing with the Champ Car World Series. After the collapse of both the Champ Car and A1 GP arrangements, Supercars became the headline category and has remained so.
Since 2010, the Supercars Championship has contested a shorter version of the circuit. At the Turn 2 chicane, the layout enters a hairpin that rejoins the original track at the Esses, reducing the circuit to 2.960 km. This change was introduced to lower costs following the loss of international series, reducing construction time and materials. Restoration of the original full layout is no longer possible because the G:link light rail line has been built over part of the former circuit.
The annual event is now known as the Gold Coast 500, consisting of paired endurance races across two days.
The circuit runs through a densely developed beachside resort area with commercial and residential properties immediately adjacent to the barriers. Its combination of fast sections, the two chicanes, and tight street-circuit corners creates a varied challenge. The circuit has been praised internationally for its safety standards, with improvements in debris fencing and barrier technology progressively implemented throughout its operational history.