The complex was founded in 1986 by Ed Gatlin, who assembled a group of investors to purchase a 400-acre tract of land in northeastern Shelby County. Construction produced a drag strip and a 1.770-mile road course, and the facility opened in 1987. It immediately attracted major sanctioning bodies: the NHRA awarded a national event sanction in 1988, with Memphis hosting the Mid-South Nationals as one of only 23 tracks in the NHRA's 140-member network to hold a national event. The venue also hosted Trans-Am Series and AMA Superbike Championship events in 1987.
In 1996, the facility was purchased by the Grand Prix Association of Long Beach. The following year, a 0.750-mile paved tri-oval was constructed on the site of the existing dirt track, while a new dirt track was built where the go-kart track had been. The name changed to Memphis Motorsports Park and the tri-oval opened on June 5, 1998.
The paved oval's inaugural NASCAR event came on September 13, 1998, with the NASCAR Craftsman Truck Series Memphis 200. The race drew a sold-out crowd and a national television audience, establishing the track as a viable two-event NASCAR venue. The Truck Series returned annually for what became known as the MemphisTravel.com 200, with the NASCAR Nationwide Series also hosting an annual event — the Kroger On Track for the Cure 250 — beginning in 1999. The oval hosted 11 annual NASCAR events across both series before the facility's closure ended the streak. Ron Hornaday won the final Truck Series race at Memphis, and Brad Keselowski won the final Nationwide Series race on October 24, 2009, holding off Kyle Busch at the finish.
The facility was also sanctioned by Dover Motorsports, which acquired it through its purchase of the Grand Prix Association of Long Beach in 1998. Dover Motorsports ultimately announced in late 2009 that it was ceasing all operations at Memphis Motorsports Park due to insufficient finances. The Memphis Truck Series date transferred to Nashville Superspeedway and the Nationwide Series date moved to Gateway International Raceway.
Memphis Motorsports Park closed on October 30, 2009. A proposed sale to Gulf Coast Entertainment fell through when the buyer could not secure financing. Dover Motorsports auctioned the complex on December 14, 2010, with Palm Beach International Raceway purchasing it for 1.9 million dollars.
The new ownership finalized the acquisition on January 31, 2011, and the track reopened in April 2011 under the name Memphis International Raceway with IHRA sanctioning. The IHRA Nitro Jam finale was held at the facility annually from 2011. Additional events were added in subsequent years, including the Ford Fun Weekend, the Mega Mopar Action Series, and NASA High Performance Driving Events on the road course. Retired NASCAR driver Rusty Wallace opened a driving experience and go-kart operation on the oval in May 2013. The ARCA Series also returned to the oval in October 2013 for the Memphis 250, won by Brian Campbell — the first oval race under the new ownership.
The facility was sold again around March 2022 and held its final event on June 17, 2022. As of mid-2025, the track sat abandoned, with both the drag strip and oval unused for three years.
The International Hot Rod Association, now under new ownership by electrical contractor Darryl H. Cuttell operating as Darana Hybrid, identified the Memphis complex as a target for the 2026 season. In November 2025 the acquisition was reported as under consideration, and on December 23, 2025, IHRA announced the purchase of the circuit had closed with reconstruction set to begin in 2026. The IHRA announced an IHRA Sportsman Finals for October 22-24, 2026, and an Outlaw Nitro Series Finals for November 5-7, 2026, at the renamed Darana Motorsports Park Millington. A Perimeter Chassis Late Model series for the oval was also announced for October 2026.
The 4,400-foot drag strip established Memphis as a significant venue in American drag racing from its 1988 NHRA sanction onward. The strip hosted the O'Reilly NHRA Mid-South Nationals as a national event. The final NHRA race was scheduled for October 4, 2009, but rain pushed the event to October 5, 2009, with Jeff Arend winning in Funny Car, Morgan Lucas in Top Fuel, Jason Line in Pro Stock, and Michael Phillips in Pro Stock Motorcycle. Under IHRA's 2026 plans, the drag strip will operate in 1/8-mile format.