Auto racing promoter Ralph Sanchez sought a permanent home for the Grand Prix of Miami and in March 1991 submitted a Florida Legislature bill proposing that a local tourist tax fund a motorsports facility, requesting up to $20 million. An initial site at the Munisport landfill in North Miami was approved by the North Miami City Council in June 1992 but died in October 1992 due to mounting opposition from residents who argued the land was designated for public use.
In October 1992, in the aftermath of Hurricane Andrew, Homestead City Manager Alex Muxo sought to attract Sanchez to build the complex in Homestead. Muxo announced that Sanchez had agreed to build east of the Homestead Sports Complex, with the Metro-Dade Finance Committee promising $11 million. The Homestead City Council added $1.7 million in February 1993. Groundbreaking took place on 24 August 1993, with NASCAR president Bill France Jr. attending as a dignitary. Construction was halted days later after environmental groups pressured the city over missing permits, temporarily blocking the $20 million Metro-Dade funds and delaying the planned November 1994 opening. Construction resumed in May 1994 after all permits were obtained, ending an eight-month delay. Financial difficulties continued, with developers still owing roughly $11 million to contractors by April 1995. Businessman Wayne Huizenga offered a $20 million loan in exchange for minority ownership, covering the remaining deficit. The completed complex cost approximately $59 million and included an oval layout modelled on Indianapolis Motor Speedway, a 2.21-mile thirteen-turn infield road course, and 65,000 total seats.
The first tire test was conducted by Busch Series driver Chad Little on 9 August 1995. The first race was held on 4 November 1995 — a NASCAR Goody's Dash Series event won by Dexter Canipe. The track's first headline race the following day drew 65,000 spectators to watch Dale Jarrett win a Busch Series race. The track surface drew immediate criticism for being too slippery outside the racing line; promoters added polymer to address it.
On 3 March 1996 the facility held its first open-wheel race: Jimmy Vasser won a Championship Auto Racing Teams (CART) event. After that weekend developers repaved and widened all four corners; the resulting surface was then criticised for being too fast for open-wheel racing. A NASCAR Winston Cup Series date remained elusive, prompting Sanchez to announce in March 1997 plans to reconfigure the rectangle into an oval-shaped track at a cost of $8 million, stating "there is no chance we'll get a Winston Cup race" without the change. That same month driver John Nemechek suffered fatal brain injuries in a crash during a NASCAR Truck Series race at the facility. The reconfiguration — producing a 6° banked oval — was completed by November 1997.
Efforts to make Bill France Jr. a partner of the Miami Motorsports group that leased the track failed through early 1997, but in April that year the city voted to allow an option for the France family to purchase Miami Motorsports. In July 1997 it was announced that the France family-owned International Speedway Corporation (ISC) and Roger Penske-owned Penske Motorsports each bought a 40% stake in Miami Motorsports, with Sanchez and Huizenga each retaining 10%. Sanchez stepped down from day-to-day operations in November 1997, replaced by general manager Brian Skuza. In March 1998 Sanchez's share was bought out, with ISC and Penske each increasing to 45%. Skuza confirmed a Winston Cup Series date for 1999 in September 1998. To accommodate the Cup race the facility was expanded to 71,763 permanent seats. In July 1999 the facility was renamed Homestead–Miami Speedway. That same month ISC bought out Penske Motorsports, acquiring a 90% stake. In September 2001 ISC bought out Huizenga's remaining share, taking full control of the lease.
By 2001 the city of Homestead was reported to have lost $34–51 million in potential profit since 1999 due to lease changes made to secure the Cup date; the city had agreed to take no share of the speedway's profits. Critics accused the track of avoiding property taxes despite a Supreme Court of Florida ruling against a tax exemption.
In 2002 driver Jeff Clinton died after being decapitated in a practice crash during a Grand American Sports Car race — the facility's second fatality. In 2003 the track underwent a $10 million reconfiguration to address driver complaints about the difficulty of passing on the 6° banking; the turns were reshaped to a variable 18–20° progressive banking system, and SAFER (Steel and Foam Energy Reduction) barriers were installed. The renovation was completed for the 2003 Ford 400 and received positive reactions.
In 2005, following approval from the United States Air Force, an approximately $8 million lighting project added illumination for night racing; it was completed in November. Also announced in 2005 was the $14 million Turn One Tower luxury seating section. In 2008 an $8 million media center opened.
In April 2003 a 2.3-mile roval was later established using parts of the oval and a purpose-built infield section; the roval features eleven turns and progressive banking.
In 2009 Curtis Gray stepped down as track president; Matthew Becherer replaced him. The facility's seating capacity had declined from its peak of 71,763 to 46,000 by 2014 and further to 43,000 by 2019. In October 2019 NASCAR acquired ISC, taking control of the lease. Becherer left a month later, replaced by senior vice president of operations Al Garcia, who served until 2024 when Guillermo Santa Cruz became president.
In 2006 IndyCar driver Paul Dana died following a practice crash for the Toyota Indy 300 — the facility's third fatality.
The track hosts one annual NASCAR Cup Series weekend, currently headlined by the Straight Talk Wireless 400. Support events include the Hard Rock Bet 300 (NASCAR O'Reilly Auto Parts Series) and the Baptist Health 200 (NASCAR Craftsman Truck Series). From 2002 to 2019 the weekend served as the season finale for all three NASCAR national series. The finale moved to Phoenix Raceway in 2020; from 2026 onwards Homestead will again host the season-ending championship races for all three series.
The Grand Prix of Miami moved from Miami streets to Homestead in 1996, with Jimmy Vasser winning the inaugural event. CART sanctioned the race until 2000; the Indy Racing League took over from 2001. In 2009 the race moved from season-opener to season-finale on the IRL calendar. The series did not renew for 2011, ending a seventeen-year tenure. In 2025 Formula E debuted at the facility for the Miami ePrix on the road course, with Turn 1 tightened and a backstretch chicane added for the event.
The FIA GT Championship visited in 1998 and 1999. The Trans-Am Series has made occasional appearances, most recently in 2018. The Toyota Atlantic Championship raced in 1996–97 on the original road course and in 2000. Indy Lights ran at the facility from 1996–99 and 2003–10, all on the oval. The Formula Regional Americas Championship visited in 2020. Since 2021 the facility has hosted an annual Christmas lights drive-thru featuring over one million lights.
The current oval measures 1.5 miles with 18–20° progressive banking in the turns and 4° on the straights. The 1997–2003 configuration featured 6° in the turns and 3° on the straights. The original 1995–97 rectangle-shaped layout measured 1.51 miles according to NASCAR and 1.527 miles according to CART, and included a 2.21-mile thirteen-turn infield road course. The facility covers approximately 650 acres and includes a 90-foot-deep lake in the infield occasionally used for fishing tournaments. An art deco aesthetic using aqua blue, tan, and purple hues was created by Day One.
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