The funding for the circuit was announced on 2 September 2009, with officials expressing confidence the work would be completed in time for a 2010 Grand Prix. German designer Hermann Tilke was commissioned to design the track, which uses a hybrid concept: part permanent, part temporary. The temporary section runs along the harbour side of Yeongam province, where spectators on a promenade, from hotels, and from yachts could view the racing. The permanent section incorporates what was planned as an exhibition zone with shops, restaurants, and cafes that would serve as the pit lane area during Formula One weekends.
Construction was severely impacted by excessive rainfall, delaying soil improvement works and pushing back completion well beyond the original July 2010 target. The final FIA track inspection, originally scheduled for 28 September, was repeatedly delayed and ultimately took place on 11 October 2010, just 11 days before first practice. FIA race director Charlie Whiting described the circuit as "satisfactory" and the mandatory license was issued through the Korea Automobile Racing Association. The circuit was formally opened on 5 September 2010 with a promotional event called Circuit Run 2010, at which Red Bull Racing's show car was driven by Karun Chandhok in front of approximately 4,000 spectators.
The circuit starts with a double left-hander before opening onto a 1.160 km straight, feeding into the slowest corner, a second-gear right-hand bend. A shorter straight leads to a series of tight switchbacks at turns four, five, and six, all taken in second gear. The track then opens through a series of fast fifth-gear bends before a downhill braking zone for turn ten. The remainder of the circuit is modeled on a street circuit, with a labyrinth of left and right bends leading to turn seventeen, a long completely blind right-hander surrounded by walls, before a final left kink onto the main straight.
The pit lane entry and exit attracted significant criticism. The pit entry was situated on the racing line at the exit of a 240 km/h corner, creating danger for cars slowing to enter the pits. The original pit exit fed into the outside of turn one and was involved in a collision during practice for the 2011 Korean Grand Prix when Nico Rosberg ran wide and hit Jaime Alguersuari. For the 2013 race the pit exit was extended around turn one to rejoin at the end of turn two, though the quality of the construction drew further complaints from drivers over an uneven surface.
The inaugural Korean Grand Prix was held on 24 October 2010 as the seventeenth of nineteen rounds in the Formula One season. The circuit had a stated spectator capacity of 135,000. The race returned in 2011, 2012, and 2013, with the track hosting four Formula One events in total. The pit lane wall at turn 17 was moved back for 2011 to improve visibility, and the track saw progressive modifications during its brief Formula One tenure.
Despite the investment and infrastructure, the four races attracted relatively modest crowds, and by 2015 the facility was being operated at a fraction of its intended purpose, largely limited to hosting local and regional racing series. Analysts and motorsport commentators cited poor access infrastructure, the remote location relative to Korea's population centres, and insufficient commercial planning as factors in what became known as one of Formula One's notable venue failures.
Following the end of its Formula One contract, the circuit hosted the GT Asia Series (2014–2016), Audi R8 LMS Cup (2014–2017), China Touring Car Championship (2014–2016), and Blancpain GT World Challenge Asia (2019), among others. The Superrace Championship continues to hold rounds at the circuit. Lamborghini Super Trofeo Asia visited in 2013–2014 and again in 2019, and Porsche Carrera Cup Asia held a round there in 2023.
The Korea International Circuit stands as a cautionary example of Formula One expansion into markets without sufficient audience development or infrastructure planning. The initial contract included a five-year option that could have extended the race to 2021, but Formula One departed after the minimum four-year term. The circuit remains operational for domestic Korean racing but has never realized the commercial ambitions that justified its construction cost.