The Autódromo Internacional Nelson Piquet — also known as Jacarepaguá after its neighbourhood, and later as Autódromo Riocentro — was built between 1971 and 1977 on reclaimed marshland at Barra da Tijuca. The site had previously hosted the Barra da Tijuca road course from 1964 to 1970. The circuit opened formally in January 1978, just weeks before hosting its first Formula One race.
The original layout was relatively flat, with a long pit straight, a longer back straight that enabled turbocharged Formula One cars of the mid-1980s to reach 300 km/h, and numerous medium-speed to slow-speed corners offering substantial overtaking opportunities. Maximum spectator capacity was 90,000, with giant grandstands spanning almost the entire length of the back straight — giving spectators a view of the full track, an unusual feature for a Formula One venue.
The first Brazilian Grand Prix at Jacarepaguá in January 1978 was won by Argentine Carlos Reutemann in a Ferrari 312T3, with Ronnie Peterson of Sweden having taken pole position in the Lotus 78. After two years at the Interlagos circuit in São Paulo, the Brazilian Grand Prix shifted permanently to Rio from 1981 through 1989, as Formula One's growing international television profile made Rio's beach scenery and glamorous setting more suited to the sport's image than the deteriorating industrial surroundings of Interlagos.
The Rio era produced some of the most memorable Grands Prix of the turbo age. Alain Prost became known as the "King of Rio," winning five times at the circuit. The 1982 race was boycotted by most FOCA-aligned constructors during the ongoing FISA–FOCA war; only 14 cars competed, and Nelson Piquet and Keke Rosberg finished first and second but were both disqualified for running cars under the minimum weight, handing victory to Prost. The 1988 race saw Ayrton Senna start from the pit lane in his first race for McLaren after switching to his spare car, charge through to second behind teammate Prost, and then be disqualified for the car switch — an early episode in one of motorsport's defining rivalries. The 1989 race, the last at Jacarepaguá, was won by Nigel Mansell in a Ferrari equipped with Formula One's first semi-automatic gearbox.
Due to the consistently high temperatures and humidity of the Southern Hemisphere late summer, races at Rio placed extraordinary physical demands on drivers. Retirements due to sheer physical exhaustion — rare in Formula One — were more common at Jacarepaguá than at any other venue on the calendar.
The circuit was named after Nelson Piquet in 1988 following his third World Championship the previous year.
Following the end of Formula One at Jacarepaguá, the circuit hosted the Rio de Janeiro motorcycle Grand Prix as part of the FIM Grand Prix motorcycle racing championship from 1995 to 2004 — nine editions in total. The inaugural race in 1995 was won by Italian Luca Cadalora on a Yamaha. Valentino Rossi dominated the event's later years, winning four consecutive races from 2000 to 2003 on his way to multiple world titles. Mick Doohan won in 1996 and 1997. Honda won seven of the nine motorcycle grands prix held at Rio, with Yamaha winning two. The final race in 2004 was won by Japanese rider Makoto Tamada on a Honda RC211V.
From 1996 to 2000 the CART Champ Car series staged races at Jacarepaguá using an auxiliary oval-style configuration named the Emerson Fittipaldi Speedway, approximately 3.0 km in length built along the back straight. The race, known as the Rio 400 and later shortened to the Rio 200, was first won in 1996 by Brazilian André Ribeiro. Christian Fittipaldi, nephew of Emerson, set the circuit qualifying record at the Speedway.
Plans to partially demolish the circuit began as early as 2005 to accommodate the 2007 Pan American Games venues. The circuit continued to host domestic Brazilian motor racing events in reduced form until the decision to build an Olympic Training Centre on the site was announced in January 2008. Demolition was completed in November 2012 ahead of the 2016 Summer Olympics.
Discussions about a Formula One return to Rio de Janeiro have surfaced periodically. Brazilian president Jair Bolsonaro announced in 2019 plans for a new circuit in the Deodoro neighbourhood, but the proposal was subsequently dropped by the newly elected mayor of Rio de Janeiro in early 2021. The Brazilian Grand Prix has remained at Interlagos in São Paulo, now under the name São Paulo Grand Prix, with the current contract running to 2030.