The project was initiated by a group of seven motorsport enthusiasts from the Perugia area — Lorenzo Rondini, Giulio Capolsini, Umberto Mannocchi, Paolo Bietoloni, Gianni Moretti, Francesco Terradura and Giuseppe Tarpani — who had already formed their own team, Scuderia Carpine. They wanted a small local track on which to test and hold races. Land owned by one of the group's members near Magione was identified and construction began in 1972.
The circuit was inaugurated as the Autodromo di Magione with its first event on 23 April 1973. At just 1.025 miles, the original layout was tight and technical with around a dozen pit boxes and a 3,000-seat grandstand. The inaugural programme included a race for Ford Escort Mexicos — which saw two cars finish upside down at the hairpin in separate incidents — and Formula Ford machinery.
Formula Three became a yearly highlight and the circuit quickly established itself on the national racing calendar. Future Formula One drivers Michele Alboreto, Elio de Angelis and Riccardo Patrese all won races at Magione early in their careers. Motorcycle racing also featured during these years.
By the late 1970s the costs of running the circuit had strained Scuderia Carpine's finances and the track was put up for sale. Amid fears it would be lost to developers, a consortium headed by the Automobile Club of Perugia purchased the facility. The other partners were the Automobile Club of Terni, the Municipality of Magione and the Provincial Administration of Perugia. Under new ownership the venue was renamed the Autodromo dell'Umbria and dedicated to Borzacchini.
Investment in 1986 saw the establishment of a kart track using parts of the main circuit, which operated until the 1990s when it was deemed too fast for safe karting. By the mid-1990s further investment funded an extension at the southern end, bringing the lap length to its current 2.507 kilometres. A new pit and paddock area with 20 garages was built on the western side and the original pits were demolished. The extended layout officially opened on 24 September 1995.
From the mid-1980s until 2010 the circuit hosted the Henry Morrogh Racing Drivers School, a driver development programme whose alumni included future Formula One world champion Jacques Villeneuve.
The circuit has hosted a consistent rotation of Italian national championships across five decades, including Italian Formula Three, the Italian GT Championship and the Italian Superturismo Championship. The NASCAR Whelen Euro Series visited in 2014 and 2015. In 2006 a water park and two football pitches were added alongside the facility. The following year the track introduced the 25 Hours of Magione, an unusual endurance event billed as an energy-saving race where the objective is to complete the race using as little fuel as possible. Motorcycle racing returned in 2015 through a collaboration with Moto Club Spoleto.
Magione appears as a driveable circuit in Assetto Corsa, with the layout consistent with the real-world 2.507-kilometre configuration. Community modifications for the title have addressed AI behaviour at the pitlane entrance.
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