The event was first organised in 1987, but the main Portuguese circuit of the era — the Circuito do Estoril — was not yet homologated for motorcycle racing. Rather than forfeit the round entirely, Portugal opted to use the Jarama circuit in Spain as a temporary host. A second Portuguese Grand Prix followed in 1988, again held in Spain, this time at the Jerez circuit and styled as 'EXPO 92' in reference to the Seville World Exposition. This makes Portugal the only country in Grand Prix motorcycle racing history to have hosted multiple events under its own national name at venues not physically located within its borders.
Grand Prix motorcycle racing returned to Portugal properly in 2000 after the Estoril Circuit was homologated for international competition. It was the third occasion Portugal hosted a Grand Prix but the first time the race was held within the country. Estoril, situated on the Lisbon coast, hosted the Portuguese round annually until 2012, when a final agreement between the circuit owners and the Portuguese government confirmed the event before it was subsequently dropped from the calendar in 2013 in favour of a new American round, the Grand Prix of the Americas at Circuit of the Americas in Texas.
The COVID-19 pandemic reshaped the 2020 MotoGP calendar dramatically, and the Portuguese Grand Prix was reinstated as the season finale. The venue selected was the Algarve International Circuit near Portimao, which had been designated as a reserve circuit since 2017. The race was held without spectators after large crowds at an earlier Formula One event at the same venue had raised public health concerns. In 2021 the race was retained as the third round of the season and the Portimao circuit became the championship's established Portuguese home.
The Algarve International Circuit presents a strikingly different challenge from conventional FIM homologated tracks. The circuit is 4.653 kilometres long and features dramatic elevation changes, with some of the steepest gradient transitions in the championship. Its undulating, flowing layout places a premium on suspension setup, rider feel through blind crests, and the ability to carry momentum through long-radius, off-camber corners. These characteristics have produced visually spectacular races characterised by overtaking from unexpected positions and significant tire degradation.
In the 2024 season, the Portuguese Grand Prix hosted the country's first ever MotoE World Championship race, making Portugal the eighth country to stage an event in the all-electric support series.
Tobacco sponsorship (Marlboro) covered the race from 1987 through 2004. Betting operators betandwin.com and then bwin held naming rights from 2005 to 2011. The 2012 edition ran without a commercial title partner. Following the race's return in 2020, the MEO telecommunications brand sponsored the event, giving way to online gaming operator 888 in 2021 and Swiss watchmaker Tissot from 2022 to 2024. Qatar Airways and then Repsol have served as title sponsors in 2025 and 2026 respectively.