The magazine was first published in 1924 by Radclyffe's Technical Publishers at 65 Victoria Street, London, under the title Brooklands Gazette, reflecting the primacy of Brooklands circuit in British motor racing of the era. The title changed to Motor Sport for the August 1925 issue. In 1939 the magazine incorporated its rival Speed, which had been the official organ of the British Racing Drivers' Club.
In 1936, Wesley J. Tee took over as publisher. That same year, Tee established what would become the magazine's photographic division, which he developed into one of the most significant motorsport image archives in existence. This library was later spun off as the independent company LAT Images, now one of the world's leading motorsport photography agencies, though it continues to manage the Motor Sport photo archive.
Haymarket acquired the title in 1997, at which point the magazine also entered a phase — lasting until 2006 — with a particular editorial emphasis on historic motorsport. In 2006, Chelsea Magazines took over publication, while Haymarket retained both LAT Images and Motorsport News. Motor Sport Magazine Limited has been the publisher since 2009.
Bill Boddy edited the magazine from 1936 to 1991, a tenure of 55 years that made him one of the longest-serving editors in British magazine history and gave him an unparalleled influence on motorsport journalism. Simon Arron held the chair through December 1996. Andrew Frankel served as acting editor from January to March 1997 before taking the full role from April 1997. Paul Fearnley edited from September 2000 to March 2005. Nick Trott served from April 2017 to May 2018, followed by Joe Dunn from May 2018 onward. Mark Hughes serves as Grand Prix Editor and Gordon Cruickshank as Editor at Large.
Denis Jenkinson — known universally as "Jenks" or by his initials DSJ — served as Continental Correspondent for decades and was the magazine's most celebrated voice. He attended every Grand Prix and filed race reports that were, for many readers, the only available account of events. Beyond journalism, Jenkinson was a gifted racing competitor: he is particularly famous for co-driving with Stirling Moss as navigator in the 1955 Mille Miglia, which they won at a record average speed of just under 100 mph. His account of that race is regarded as one of the finest pieces of motoring journalism ever published.
Harold Nockolds preceded Jenkinson as Continental Correspondent, reportedly fulfilling the role by remaining in London and translating articles from overseas newspapers rather than attending events in person.
Among the contributors to the magazine's website are racing drivers Lucas di Grassi, Dario Franchitti, and Sébastien Buemi, as well as 2013 BTCC Champion Andrew Jordan. Staff writers have included Simon Arron, Damien Smith, Paul Fearnley, Gordon Kirby, Andrew Frankel, Rob Widdows, and Mat Oxley.
The magazine's monthly podcast series has featured prominent figures from across motorsport, including Christian Horner, Mario Andretti, Patrick Head, Frank Williams, John McGuinness, and Gordon Murray.