Jorge Martínez — known as "Aspar," a nickname from his childhood — established the team while still an active rider aboard a Honda RS125R in 1992. The following year he expanded operations into the 250cc class with Juan Borja. After two seasons with Yamaha TZ125 machinery in the mid-1990s, Aspar began an eighteen-year partnership with Aprilia in 1996 that would define the team's junior-class campaigns. During that long association the team fielded riders including Fonsi Nieto and Arnaud Vincent, and re-entered the 250cc division in 2000 with Alex Debón.
The most prolific period for Aspar came between 2006 and 2011, when the team claimed four 125cc World Championship titles in six seasons. Álvaro Bautista won the title in 2006, Gábor Talmácsi in 2007, Julián Simón in 2009, and Nicolás Terol in 2011. Other notable 250cc riders who raced for the team during this era included Toni Elías, Alex de Angelis, Sebastián Porto, and Randy de Puniet.
In 2010, Aspar entered the MotoGP class with Héctor Barberá aboard a Ducati Desmosedici GP10, with Barberá finishing twelfth in the championship. The team expanded to two MotoGP bikes in 2012 after switching from Ducati to ART (a CRT-class chassis), and Aleix Espargaró and Randy de Puniet dominated the CRT category for two consecutive seasons. In 2014, Aspar fielded two Honda bikes with former world champion Nicky Hayden partnering Hiroshi Aoyama. The team exited the MotoGP class after the satellite grid contracted.
Before the 2018 season, the team renamed itself Ángel Nieto Team as a tribute to the late Spanish legend Ángel Nieto, paid for by longtime team principal Jorge Fernández. Ángel's son Gelete became the new team principal. The team reverted to the Aspar Team name at the start of 2020.
Aspar secured their first world championship since 2011 when Albert Arenas won the Moto3 title in 2020. The team followed up with Moto3 championships in 2022 with Izan Guevara and again in 2024 with David Alonso. Alonso's 2024 campaign was historically dominant: he set records for the most overall Moto3 wins, the most consecutive Moto3 wins, and the most wins in a single season across all Grand Prix classes.
In 2024, Aspar began a technical and commercial partnership with Chinese motorcycle manufacturer CFMoto, which was subsequently extended through 2031, marking a significant long-term commitment and the growing presence of Chinese manufacturers in Grand Prix motorcycle racing.
The team joined the MotoE World Championship from its inaugural 2019 season, fielding Nicolás Terol and María Herrera. The MotoE program has continued as a complement to the team's junior-class operations.
Aspar Team's longevity — more than thirty years of continuous Grand Prix competition — makes it one of the defining privateer stories in the sport. Six world championships, sustained competitiveness across multiple classes, and a track record of developing Spanish and international talent underscore the team's importance to the Grand Prix ecosystem.