Racing at the Indiana State Fairgrounds dates to the early twentieth century. In June 1903, Barney Oldfield drove the first recorded 60 mph lap in automobile history at the circuit. The first AAA championship race at the venue followed in 1946, with Rex Mays taking both pole position and the race win.
The Hoosier Hundred itself was inaugurated in 1953 as part of the AAA National Championship Trail, traditionally scheduled for September. The race quickly grew in stature, benefiting from its proximity to Indianapolis and the appeal of a second major open-wheel event in the region just four months after the Indianapolis 500. Many of the same drivers and teams made the return journey to the Fairgrounds each autumn.
From 1953 through 1955 the race ran under AAA sanction. Starting in 1956, the United States Auto Club took over sanctioning and the Hoosier Hundred remained part of the premier USAC Championship Car national trail through 1970. During this period it counted as a full points-scoring event alongside the Indianapolis 500 and other major oval races. From 1965 to 1970, a companion race called the Hoosier Grand Prix was held at Indianapolis Raceway Park, meaning the greater Indianapolis area temporarily hosted three championship car events per year.
In 1971, USAC reorganised its National Championship structure and dropped dirt tracks from the premier series schedule. The Hoosier Hundred transitioned to the newly formed National Dirt Car Championship, the forerunner of the present-day USAC Silver Crown Series. Despite the change in series status, the event retained its prestige, and drivers from the USAC Champ Car ranks continued to participate regularly through much of the 1970s.
In 1981, a companion event called the Hulman Hundred was added at the Fairgrounds, scheduled in May around the time of the Indianapolis 500. Named in honour of Indianapolis Motor Speedway owner Tony Hulman, the May race attracted notable competitors including a young Jeff Gordon, who won the event before going on to a NASCAR career.
The Foyt Group assumed promotion of both Fairgrounds races starting in 1991, running them through 1995. Attendance challenges led to the cancellation of the traditional autumn Hoosier Hundred in 1996. To maintain continuous race lineage, the May 1996 Hulman Hundred was retroactively designated the 1996 Hoosier Hundred.
Starting in 1997, the Foyt Group merged the two Fairgrounds events into the revamped Hulman-Hoosier Hundred, shifting to the May date to capitalise on Indianapolis 500 weekend traffic. The 1998 edition was notable for including three drivers — Donnie Beechler, Jimmy Kite, and Jack Hewitt — who were simultaneously entered in the Indianapolis 500. Beechler won the Fairgrounds race, which was shortened by rain to 39 miles. Rain also disrupted the 2000 and 2001 editions, with both races rescheduled to September and held as companion events to the Formula One United States Grand Prix at Indianapolis Motor Speedway. After 2001, the Foyt Group withdrew from promotion and the race went on temporary hiatus.
6R Promotions revived the event in 2002 under the restored Hoosier Hundred name, dropping the Hulman reference and continuing the Indy 500 weekend date. Track Enterprises and Bob Sargent took over promotion in 2006 and continued running the race into the late 2010s. The 60th running in 2013 was planned for a Thursday date to avoid conflict with relocated Carb Day activities, but rain pushed the race to Friday night regardless.
In 2019 the Indiana State Fairgrounds announced that the race track would be converted to a harness racing practice facility. Track Enterprises announced in November 2019 that the Hoosier Hundred would move to the Terre Haute Action Track, a half-mile dirt oval. However, COVID-19 disrupted the 2020 edition; the race was initially cancelled for May, later revived for August 23 — the same date as the 2020 Indianapolis 500 — and returned to the Fairgrounds track because planned facility improvements had been delayed.
The Hoosier Hundred was announced as returning on April 23, 2023, this time at Lucas Oil Indianapolis Raceway Park on its 0.686-mile paved oval. Weather forced the postponement of the original April date, and the race was absorbed into IRP's Carb Night Classic on Memorial Day weekend, running as a 146-lap, 100-mile USAC Silver Crown points event.
Seven Hoosier Hundred winners have also won the Indianapolis 500. A. J. Foyt leads with six Hoosier Hundred victories. The race's crossover appeal with the Indianapolis 500 winner pool was central to the Fairgrounds oval's reputation as the Track of Champions.