The facility opened in 1964 at a reported construction cost of $1.5 million, built and owned by local contractor Joe Bucheck Jr. and his brother Edward. It carried the Palm Beach International Raceway name from the outset. The inaugural race was held in March 1965, drawing approximately 10,000 spectators to a programme of sports car events.
In the late 1960s the track gained broader attention when racing promoter Alec Ullman explored moving the 12 Hours of Sebring to PBIR for the 1967 season following fatalities in the 1966 race, but the estimated $1.5 million cost of expanding the facility prevented that plan from proceeding.
In November 1969 the facility hosted a major rock concert following months of legal dispute. Performers included Janis Joplin, The Rolling Stones, Sly and the Family Stone, and Jefferson Airplane. The site continued to host music events over the following years, with Eric Clapton among subsequent performers.
In April 1971 the Grand American Series of Professional Drag Racing staged one of its first significant events at the track. Also in 1979, sports car and Indianapolis 500 competitor Lyn St. James made her professional racing debut at the facility, an event that ended in a serious accident when her car entered the swamps adjacent to the circuit.
In 1981, Dick Moroso — founder of Moroso Racing Parts — purchased the facility and renamed it Moroso Motorsports Park. He immediately invested in upgrades, committing $100,000 in 1982 to prepare the track for the opening round of the 1983 SCCA Trans-Am Series. Over the following years the venue hosted numerous SCCA national and regional events, IHRA and NHRA special events, and the Super Chevy Show, which regularly attracted crowds exceeding 100,000 over its three-day run.
In 1996 Moroso considered building a one-mile oval to host stock car racing but the project did not advance. Moroso died of brain cancer in 1998, after which his family assumed ownership.
The track gained wide international recognition in 2007 when it featured prominently in the Top Gear USA Special. Presenters Jeremy Clarkson, James May, and Richard Hammond, along with the Stig's American cousin, raced cars purchased in Miami at the facility.
In 2008 a group of local motorsports enthusiasts acquired Moroso Motorsports Park, closed the facility for a comprehensive remodel, and returned the track to its original name, Palm Beach International Raceway. The road course was redesigned by Martyn Thake, with minor modifications to the original layout. New low-glare lighting, updated safety barriers, and other infrastructure improvements were installed. The revitalised facility hosted an ARCA Remax Series event and several drag racing events. It also served as a regular test venue for IndyCar Series teams undertaking winter preparation and for sports car teams from the Rolex Sports Car Series, including locally based Orbit Racing and Extreme Speed Motorsports.
The drag strip was an IHRA-sanctioned, all-concrete 1,000–1,320-foot (300–400 m) surface built to NHRA specifications, noted as one of only six fully concrete drag strips in the United States at the time of its operation.
The facility also hosted the Palm Beach Driving Club, track days, driving schools, and the Ferrari Cavallino Classic.
Palm Beach International Raceway closed in 2022. A "Last Lap" commemorative event was held on 23 April 2022, featuring a car show, drag racing, a parade lap of the road course, and a final run by the Larsen Jet Cars. The closure announcement, made on 3 March 2022, noted the track's history hosting championship road races, the Citrus Nationals drag event, major musical acts, and serving as a testing ground for top-tier racing programmes.
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