The main circuit is 3.126 km long and 12 m wide, running in a clockwise direction with six corners. The layout was designed by Tony Slattery with input from car and motorcycle racing authorities, including CAMS circuit expert Professor Rod Troutbeck. Queensland Raceway holds an FIA Grade 3 classification. Its flat topology provides excellent spectator sightlines across the entire circuit but has drawn criticism from competitors who find undulating venues such as Phillip Island more engaging to drive. The circuit became known for a bumpy surface over time, though a resurfacing in late 2011 addressed this. A second major resurfacing of the main straight was carried out in connection with ongoing facility investments from 2021.
In addition to the full national circuit, the venue offers four shorter layout configurations: Sportsman at 2.150 km, Clubman at 2.110 km, Sprint at 1.890 km, and a newer Switchback variant at 2.500 km introduced in 2024. The Switchback connects the interior straights of the circuit at their midpoints and was designed to provide a fresh configuration for club and national events.
On 16 August 2001, the circuit's front straight was officially named the Dick Johnson Straight in honour of Dick Johnson, a five-time national touring car champion and three-time Bathurst 1000 winner. Johnson played a significant role in promoting and developing Queensland Raceway and made his final competitive start in a V8 Supercar at the 2000 Queensland 500. The naming ceremony took place during the pre-race activities for the 2001 VIP Petfoods Queensland 500, with Johnson's son Steve among those present.
Queensland Raceway opened in 1999 and immediately became a fixture on the V8 Supercars calendar. The headline event was the Queensland 500, a high-profile endurance race held from 1999 to 2002, before the format changed to sprint racing. The Supercars Championship continued to hold rounds at the circuit through 2019, after which the venue was removed from the calendar.
Beyond Supercars, the circuit has hosted Australian Formula Ford Championship rounds, Australian Superbike Championship rounds, TCR Australia Touring Car Series events, Touring Car Masters, the Australian GT Championship, Porsche Carrera Cup rounds, and numerous other national series. The circuit's location within the Ipswich Motorsport Precinct places it alongside the Willowbank Raceway dragstrip, a kart track, and a junior motorcycle speedway, giving the precinct broad motorsport coverage.
A major accident during a Mini Challenge support race on 1 May 2010 prompted public discussion about circuit safety. In July 2016, Ipswich council announced plans for a 220 million dollar upgrade to the facility, including an extended circuit. However, the company responsible for the redevelopment — Ipswich Motorsport Park Pty Ltd — was wound up in 2017 and deregistered, and the proposed works were never carried out.
Former owner John Tetley and Tony Quinn signed a management agreement in October 2021 under which Quinn assumed the lease and operations of Queensland Raceway. Subsequent investment under Quinn's management upgraded the circuit's facilities and standards, bringing them more in line with the expectations of national-level sanctioning bodies.
Five fatalities have occurred at Queensland Raceway since its 1999 opening. Porsche Supercup driver Sean Edwards died at the circuit in 2013 during a testing session. Club racer Dennis Smith was killed in a sprint event in 2016. Two further deaths occurred in August 2017 when a driver and passenger were killed in a single incident. In 2023, Shane Savage died after his car rolled during an event.
Queensland Raceway established itself as the primary permanent race circuit in Queensland over its first two decades of operation, serving both as a national championship venue and as an accessible club racing facility. The Willowbank 300 endurance race, held annually as part of the Queensland Endurance Championship, has been a fixture on the circuit's calendar since 2014 and exemplifies its ongoing role at the heart of the state's motorsport community.