Matt Stone Racing began its operations in the second-tier Development Series (now Super2) in 2011, running a former Stone Brothers Racing Ford BF Falcon with Robert Cregan. The connection to Stone Brothers Racing provided the team with technical foundations and access to competitive equipment at the junior level.
The team expanded progressively through the early 2010s. In 2012, a third car was added mid-season when Scott McLaughlin's entry was transferred to Matt Stone Racing after a sponsorship conflict at Stone Brothers Racing. McLaughlin went on to win the Super2 championship that year under the team's banner. The squad continued to field multiple cars through 2013 and 2014 with drivers including Michael Hector, George Miedecke, and Ashley Walsh.
Todd Hazelwood emerged as the team's standout performer in the mid-2010s. After winning six races in 2017 he secured the Super2 championship by 95 points, earning the team promotion credentials and himself a Supercars main series opportunity.
Matt Stone Racing made its Supercars Championship debut in 2018 with Todd Hazelwood, initially running a Ford FG X Falcon previously owned by DJR Team Penske before switching to a Holden VF Commodore from the Bend round onwards. The team leased a Racing Entitlement Contract from Jason Bright for the 2018 and 2019 seasons.
In 2019 the team upgraded to an ex-Triple Eight Race Engineering ZB Commodore. The following year marked significant expansion: Matt Stone Racing purchased RECs from Garry Rogers Motorsport and Kelly Racing to run two cars. The second car, numbered 34, was split between Jake Kostecki and Zane Goddard under the Superlite Program, with Garry Jacobson driving the primary No. 35 entry full-time.
The team ran Triple Eight-supplied chassis during its Holden years — Triple Eight is listed among the teams to which they provided cars from 2018 to 2022 — before transitioning to Chevrolet Camaro ZL1s with the introduction of Gen3 regulations in 2023.
Alongside its Supercars program, Matt Stone Racing has operated across several other categories. In the TCR Australia Touring Car Series in 2019, the team fielded two Volkswagen Golfs in collaboration with Jason Bright under the Alliance Autosport name, with Bright winning the opening race at Sydney.
The team also competed in the Touring Car Masters from 2016, with team owner Jason Gomersall campaigning Holden machinery. Gomersall won the Pro Am Category in 2016 and posted additional class results in subsequent seasons.
Matt Stone Racing collaborated with Miedecke Motorsport in 2016 and 2017 to run Aston Martin GT3 cars in Australian endurance events, including winning the Sydney Motorsport Park 101 as part of the 2016 Australian Endurance Championship and reaching the top-ten shootout of the 2017 Bathurst 12 Hour.
In the V8 Utes Racing Series, the team took over preparation of Ryal Harris's ute from 2014, winning the series championship in 2015 with Harris.
By the mid-2020s Matt Stone Racing had settled into a two-car Supercars Championship operation with Chevrolet machinery. Jack Le Brocq joined the team and has been its most experienced Supercars performer in recent seasons. The team continues the Stone family connection to Australian motorsport that Jim Stone established through Stone Brothers Racing in the earlier decades of V8 Supercars, with Matt Stone having built an independent and multi-disciplinary operation in his own right.