The first museum at the Indianapolis Motor Speedway was completed on 7 April 1956. Designed by C. Wilbur Foster and Associates and sited at the property's southwest corner, it opened with a handful of vehicles including Ray Harroun's 1911 Indianapolis 500-winning Marmon Wasp. Karl Kizer served as the first curator. The collection grew rapidly through donations; by 1961, the museum was attracting an average of 5,000 visitors per week, according to Speedway publicist Al Bloemker.
In 1975, construction began on a new 96,000-square-foot museum and administration building inside the track's infield. The expanded facility opened to the public on 5 April 1976, coinciding with the United States Bicentennial celebration, and operated officially as the Hall of Fame Museum. The original building outside turn one was converted to office use and subsequently demolished in 1993, replaced by a multi-million-dollar administration building that relocated ticket and administrative offices away from the infield facility, freeing up additional display space.
In 2016, a revitalisation project expanded the museum's floor space and added interactive displays. The institution was officially renamed the Indianapolis Motor Speedway Museum, and its mission was refocused on honouring achievement at and outstanding contributions to the Speedway. A North Hall, created when Speedway staff offices were relocated, added 7,500 square feet and offers a view of a portion of the road course.
In November 2023 the museum closed for substantial renovations, reopening on 2 April 2025 following an $89 million project. The revamped museum features seven permanent and three rotating galleries, a new area dedicated to non-vehicle artefacts, and interactive displays including a pit stop challenge. The museum's previously off-limits basement storage areas were also opened to the public following the renovation.
The museum displays approximately 75 cars at any given time from a total collection far exceeding that number. The holdings include more than thirty Indianapolis 500 winning cars, spanning Ray Harroun's 1911 Marmon Wasp through Jacques Villeneuve's 1995 Reynard/Ford Cosworth. Among the non-winning Indy cars are Jack Brabham's 1961 Cooper Climax — the back-up car to the T54 that introduced the European rear-engined revolution at Indianapolis — the 1963 Lotus powered by Ford driven by Jim Clark, and the 1977 Lightning/Offy in which Janet Guthrie became the first female driver to qualify for the Indianapolis 500. The 2005 Panoz/Honda driven by Danica Patrick, the first woman to lead a lap at Indianapolis, is also part of the collection.
Beyond Indy cars, the museum holds racing machinery from other disciplines, including a NASCAR Winston Cup stock car donated by Richard Petty in 1993, the 1965 Le Mans-winning Ferrari 250 LM, and a 1954–55 Mercedes-Benz W196 Formula One car. The Borg-Warner Trophy, awarded to the Indianapolis 500 winner, has a permanent home within the museum, alongside the Wheeler-Schebler Trophy and the PPG trophy given to the Brickyard 400 winner.
The Indianapolis Motor Speedway Hall of Fame traces its origins to 1952, when it was established as the Auto Racing Hall of Fame with support from the American Automobile Association and the Ford Foundation. The initiative originated with Tony Hulman, who had purchased the Speedway in 1945. The hall went dormant after the AAA exited racing in 1955 and was revived by Hulman in 1961, when it was incorporated into the museum's organisation.
Candidates become eligible for consideration after at least twenty years have elapsed since their first involvement in professional-level auto racing; active drivers may be considered without having retired. Inductees are chosen by a panel of roughly 150 voting members comprising racing officials, living hall of fame members, historians, and select media representatives. Enshrinement ceremonies are held each May in the days preceding the Indianapolis 500. As of 2025, 169 individuals have been enshrined.
In 2018 the Hall of Fame's scope was broadened to encompass participants in all major events held at the Speedway: the Indianapolis 500, Brickyard 400/Verizon 200, U.S. Grand Prix (2000–2007), and major AMA-sanctioned motorcycle events including MotoGP and MotoAmerica. Jeff Gordon subsequently became the first inductee whose primary accomplishments were tied to a race other than the Indianapolis 500. The 2026 inductees are Scott Dixon and Giampaolo Dallara.
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