The track was conceived and built by John Jones, an Assumption native who had recently been discharged from the armed forces. After initially considering a simple coin-operated strip where locals could race legally without running afoul of the law, Jones visited other area racing facilities and resolved to build a full-scale drag racing venue. He surveyed the land and drew up the blueprints himself. Space was also set aside within the property for a circle track, though that element was never developed.
Motion Raceway was completed in November 1970 and officially opened for competition in 1971. The entry fee to race was six dollars. Jones and his brother operated the facility through the 1979 season, with Jones continuing to run it solo through the final 1983 season.
The track was originally configured as a standard quarter-mile strip. It was later shortened to a 1,000-foot format when the facility's total length of 3,000 feet proved insufficient to provide adequate shutdown room for the increasingly fast cars competing there.
During its operational years, Motion Raceway hosted both NHRA and IHRA national events and drew nationally prominent competitors. Drivers who appeared at the track included Don "Big Daddy" Garlits, Shirley Muldowney, Ronnie Sox, Bill "Maverick" Golden, the Chi-Town Hustler AA/FC, Bill "Grumpy" Jenkins, Della Woods, and Steve Carbone. The presence of Garlits and Muldowney — the dominant forces in Top Fuel dragster and funny car racing during the period — established the venue's credentials as a legitimate stop on the national professional circuit.
After the 1983 season the track closed. The grandstands were dismantled, the fuel island removed, and the Hemi-powered in-ground starter system used to fire competition cars was removed and the pit filled in. Motion Raceway's timing tower was subsequently relocated a short distance north to Macon Speedway in Macon, Illinois, where it continued in use.
Various rumors circulated about the reason for the closure. The most widely repeated held that the owner was robbed of the event purse money at gunpoint. In the years following, persistent but unfounded reports that the track would reopen recurred almost annually.
For several years up until 2008 the strip was used by the Moweaqua Farmer's Co-Op for grain storage, the co-op laying grain directly on the track surface and covering it with tarps until it could be moved to an elevator. The town of Moweaqua in Shelby County lies approximately five miles north of the former site.
A reopening was planned for 3 May 2008 under the direction of Greg Clayton of New Covenant Performance. Clayton secured insurance for the venture, but both submissions were ultimately rejected by the property owners. Reports also indicated that unauthorized persons had entered and damaged the site at night, and the plan was formally abandoned. The asphalt strip itself remained in relatively good condition years after closure, a testament to the original construction quality, though the facility never resumed operation.