Oulton Park itself opened in August 1953 on the grounds of the former Oulton Estate, developed by members of the Mid-Cheshire Car Club on land belonging to Sir Philip Gray-Egerton. By April 1954 the track had grown to 2.356 miles and incorporated the Island section, used for the British Empire Trophy that year — a sports car race won by Alan Brown in a Cooper-Bristol. A longer variant of 2.761 miles was introduced later in 1954 and designated the International Circuit; the 2.692-mile layout that constitutes the modern Island Circuit emerged through subsequent revisions and safety works, and was measured at its current length following remodelling work carried out between 2002 and 2003.
Oulton Park as a whole is distinguished by rapidly changing gradients, blind crests, and tight corners — qualities that have prompted comparisons with the Nürburgring Nordschleife. The Island Circuit uses these features in full, routing cars through the Island Bend section that is bypassed on shorter layouts. The highest section of the circuit, Hill Top, is a defining feature, with cars ascending and descending on roads lined by the parkland of the former estate.
A chicane was added between the Shell Oils Hairpin and Knickerbrook in 1987 to reduce speeds through what had been the fastest section of the track. The Knickerbrook chicane itself was installed in 1991 following the death of Paul Warwick — the corner previously demanded total commitment from drivers and had a reputation as one of the most demanding in British club racing. The Knickerbrook complex was further remodelled between 2002 and 2003.
The Island Circuit hosted the Gold Cup, Oulton Park's flagship non-championship race, from its inception in 1954. The Gold Cup attracted Formula One entries throughout the late 1950s and 1960s; Stirling Moss won the first running and went on to claim the award five times in total, also winning in 1955, 1959, 1960, and 1961. His final Gold Cup victory in 1961 was achieved in the Ferguson P99 four-wheel-drive car, the only race win for that machine in period.
In Good Friday 1971 Formula One returned to the circuit for the Rothmans Trophy, won by Pedro Rodríguez in a BRM P160 at a race average of 115.13 mph. The 1965 RAC Tourist Trophy for sports and GT cars was run on the Island layout, as were subsequent Tourist Trophy rounds through 1969 — the final one ending in tragedy when Paul Hawkins was killed at Island Bend.
The British Touring Car Championship uses the Island Circuit for its Oulton Park rounds, typically drawing record attendance; the 2014 BTCC meeting attracted 43,000 spectators. The circuit also hosts the British GT Championship season opener and the Historic Gold Cup, a classic car meeting dubbed "the Goodwood of the North."
The current lap record for the International/Island Circuit is 1:28.619, set by Joseph Loake in a Tatuus MSV-022 during the 2023 GB3 Championship meeting. The outright lap record for the longer 2.775-mile variant in use between 1992 and 2002 was set by Gareth Rees at 1:24.68 (117.91 mph) in a Reynard 95D during the 1996 British Formula Two Championship. On two wheels, Leon Haslam set the motorcycle outright record of 1:32.817 on a Ducati Panigale V4 R during the 2025 British Superbikes meeting.