Lakeside was a community-driven project built by the Queensland Motor Sporting Club without professional construction resources, a fact that shaped its identity as a grassroots venue. The first international meeting was held the year after opening, with Jack Brabham winning the feature race in a Cooper-Climax. Through the 1960s the circuit attracted Formula One world champions including Jim Clark, Jackie Stewart, Brabham, Graham Hill, and Chris Amon competing in the Tasman Series, establishing Lakeside as a venue capable of holding world-class events.
Touring cars were the backbone of Lakeside's national racing programme. The circuit hosted the Australian Touring Car Championship as a single-race title in 1964 and 1967, and then as rounds within a series format in most years from 1970 to 1998 — a span of nearly three decades during which the event at Lakeside was typically the largest meeting of the year at the venue. The 1981 ATCC round produced one of the circuit's most celebrated moments: local favourite Dick Johnson, driving a wounded car, defeated reigning champion Peter Brock to win the championship title in front of his home crowd, securing his future in the sport after nearly twenty years of struggle.
Lakeside hosted the Australian Grand Prix in 1966 and 1969, both races also counting as rounds of the Tasman Series. The 1964 Tasman Series round was won by Jack Brabham, and the 1967 edition by Jim Clark. The Australian Drivers' Championship for the CAMS Gold Star visited the circuit 17 times between 1963 and 1994. The circuit also held national rounds of the Australian Superbike Championship.
Lakeside's fast and demanding layout contributed to the development of numerous Queensland racing talents. Among those who developed skills at the circuit were John French, Dick Johnson, Gregg Hansford, Tony Longhurst, Will Power, and Mick Doohan — who went on to win five consecutive 500cc Grand Prix motorcycle world championships. The circuit had a reputation for testing versatility: the common saying was that a rider who could manage Lakeside could compete at any circuit in the world.
The circuit closed in mid-2001 following a combination of declining revenues, mounting debts, legal proceedings, an increasingly hostile local council, and competition for events from the nearby Queensland Raceway. Though national championship racing was still being staged there at the time of closure, the financial position was unsustainable.
During the seven years the circuit was closed, the Friends of Lakeside group, led by Robert Hardacre and Trevor Beutel, campaigned for its preservation and successfully had the circuit listed on the Queensland Heritage Register, preventing demolition by the local council. In December 2007, Pine Rivers Shire Council and Queensland Raceway signed a 30-year lease to operate the facility.
The circuit reopened on 5 April 2008 as a local venue. The new operators, also owners of Queensland Raceway, chose to hold national-level events at their other facility, positioning Lakeside as a community and club racing circuit. A refurbishment during 2008 and 2009 widened the track to 12 metres at Shell Corner, removed most of the bumps from the surface, and added a tunnel underneath the circuit. The venue has remained open since, continuing to serve club motorsport in south-east Queensland.