The facility has roots stretching back to 1966, when it opened as a 0.250-mile dirt oval before being expanded to a 0.625-mile configuration that operated until 1973. In that year the track hosted one NASCAR Grand National East Series event. The original facility closed in 1973, and a decade passed before the track was rebuilt and paved.
The 1983 reopening brought the defining features of the modern circuit: 19-degree banking through the turns and 16-degree banking on the straightaways, an unusual choice that flattened the straights relative to the turns and contributed to the track's reputation for high speeds. The aluminum grandstands were built to run from Turn 4 along the front straight to Turn 1.
Notable drivers who raced at the track in its early paved era, when it was still a dirt oval, include David Pearson and Glen Wood.
The track hosted 27 NASCAR Busch Grand National Series races between 1983 and 1994, making it one of the more active short-track venues in the southeast during that period. The series — later known as the Xfinity Series — ran annually at Orange County Speedway until the facility's closure in 2003.
Several significant career milestones occurred at the track during this period. In the 1986 L.D. Swain 150, Dale Jarrett earned his first victory in a major NASCAR series. The 1986 Roses Stores 150 produced Larry Pearson's only win as he claimed his first Busch Series championship; the same race marked the NASCAR debut of Rob Moroso on his 18th birthday, with Moroso going on to become a future Busch Series champion.
The 1991 Roses Stores 300 saw Jeff Gordon earn his first career Busch Series pole position, while Shawna Robinson made her first career start in the same event. In the 1991 Texas Pete 300, Jimmy Hensley lapped the entire field on the way to victory — a feat that as of the available record had not been repeated in a Busch Series race since. The 1994 Pantry Stores 300 closed the Busch era at the track in controversial fashion: George Crenshaw's engine failure two laps from the finish put oil on the circuit, spinning several leaders, and NASCAR determined Hermie Sadler had already taken the caution flag to declare him the winner over Dennis Setzer.
Between 1986 and 1988 the facility hosted five NASCAR Whelen Modified Tour races. Three NASCAR Southeast Series events were held between 1993 and 1999. The ASA National Tour ran two events at the track between 1998 and 1999. The CARS X-1R Pro Cup Series held five races at Orange County Speedway between 1997 and 2014.
The track was also one of the first facilities in the region to carry live televised Busch Series racing, with the 1990 Roses Stores 200 on June 9 that year being the first broadcast.
Among the most recognized names in stock car racing who competed at Orange County Speedway are Dale Earnhardt, Jeff Gordon, Mark Martin, Davey Allison, Donnie Allison, Dale Jarrett, Jeff Burton, Ward Burton, and Bobby Labonte. More recent alumni include Ryan Blaney and Bubba Wallace among drivers who competed there early in their careers.
Attendance and track conditions declined in the years leading into the 21st century, and the speedway closed in 2003. A new management team reopened the facility on March 11, 2006, with volunteer labor contributing to the renovation effort. The reopening drew a strong crowd after years of dormancy.
Following the revival, the track returned to regular weekly competition, operating a schedule on the second and fourth Saturday night of each month from April through October. The facility hosts the PASS Super Late Model series, the CARS Super Late Model Tour, and the CARS Late Model Stock Tour, maintaining its role as an active short-track venue in the Carolinas regional racing circuit.