The inaugural 1985 event was organized by William T. McVey, president of the McBri Corporation in Tampa and a member of IMSA and the SCCA. The SCCA Trans-Am Series raced on a downtown waterfront circuit from 1985 to 1990, with Can-Am also competing in 1985. Noise complaints from local residents and businesses eventually led to the event being suspended. Driver Jim Fitzgerald was killed in a crash during the 1987 race.
The race was revived from 1996 to 1997 on a different course around Tropicana Field, roughly one mile west of the original waterfront layout, before going on hiatus again. In 2003 the event returned once more, this time for the CART Championship Series, using a modified version of the original 1985 waterfront circuit. The 2004 race was cancelled due to a dispute between promoters and the bankruptcy of CART into the Champ Car World Series. When the race resumed in 2005 it had switched to the IndyCar Series, marking the first non-oval event for the Indy Racing League. In 2007 the race weekend was expanded to include an American Le Mans Series event. Andretti Green Promotions took over promotion of the event, and from 2014 Firestone became the title sponsor.
In 2005, the inaugural IndyCar race on the circuit saw Andretti Green Racing win pole and sweep the top four positions, with Dan Wheldon finishing first ahead of Tony Kanaan.
In 2008, Graham Rahal, at 19 years and 93 days old, became the youngest driver ever to win an Indy-style race, holding off Helio Castroneves after a rain-affected contest run partly under caution. The race was shortened by a two-hour time limit. Rahal broke Marco Andretti's record from 2006 and became the fourth driver to win an IndyCar race in his first start.
In 2009, Ryan Briscoe took the lead from Justin Wilson with 14 laps remaining on a restart and held off Ryan Hunter-Reay to win.
In 2012, Helio Castroneves won the season opener — the first race for the new Dallara DW-12 chassis and turbocharged engine package — marking Chevrolet's first IndyCar Series win since 2005. On his victory lap, Castroneves stopped in turn 10 and climbed the catch fence, which bore a street sign reading "Dan Wheldon Way," designated by the city in memory of the driver killed at Las Vegas in 2011.
In 2013, James Hinchcliffe won his first IndyCar race, taking the lead from Castroneves on a lap 85 restart and holding on by 1.09 seconds.
In 2015, Juan Pablo Montoya returned to IndyCar race winning after Will Power made contact with him while attempting a pass late in the race. The incident damaged Power's front wing and allowed Montoya to take the victory — his first road course win in IndyCar since 1999.
In 2017, Sebastien Bourdais started last after a qualifying crash and charged to victory from 21st on the grid, the first win for Dale Coyne Racing since 2014.
In 2020, the race was moved from its traditional March date to October due to the COVID-19 pandemic, serving as the season finale rather than the opener. Scott Dixon secured his sixth IndyCar championship by finishing third, ensuring he outscored Josef Newgarden sufficiently to clinch the title even as Newgarden won the race.
In 2022, Scott McLaughlin claimed his first IndyCar victory from pole position using a two-stop fuel-saving strategy, becoming the first former Supercars champion to win in IndyCar. The 2022 grid was the largest in event history with 26 entries.
In 2024, Josef Newgarden led the entire race from pole but was subsequently disqualified after IndyCar discovered illegal software manipulation by Team Penske that allowed drivers to use push-to-pass on restarts. McLaughlin was also stripped of his third-place finish. The victory was awarded to Pato O'Ward.
In 2025, Alex Palou won for Chip Ganassi Racing, the team's first St. Petersburg victory, in the inaugural race of the IndyCar hybrid era and the first broadcast on Fox. Will Power was involved in a first-lap incident that eliminated him along with Nolan Siegel and rookie Louis Foster.
Will Power claimed a record nine pole positions at St. Petersburg across his IndyCar career. The circuit combines public downtown streets with a section of runway at Albert Whitted Airport, creating a distinctive layout among street circuits. The event was also one of the first IndyCar races broadcast on Fox in 2025.
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