The circuit was constructed in 1999 and designed to serve as Valencia's premier permanent racing facility. Its main straight measures 0.876 km, and the venue has a spectator capacity of 165,000. The track takes its name from Ricardo Tormo (1952–1998), a revered local champion who won two world titles in the 50cc class before his death from leukemia prevented him from seeing the circuit bear his name.
Since its opening, Circuit Ricardo Tormo has hosted a broad range of international series. In Grand Prix motorcycle racing, it became the home of the Valencian Community Grand Prix, traditionally held as the final round of the MotoGP season, giving the track a decisive role in world championship outcomes. The Superbike World Championship raced at the venue from 2000 to 2010, with the Supersport World Championship running concurrently over the same period.
In four-wheeled competition, the FIA GT Championship visited in 2000 and 2004. The World Touring Car Championship ran a Spanish round at Cheste from 2005 to 2012, while the Deutsche Tourenwagen Masters contested rounds there between 2010 and 2012. The European Le Mans Series brought sportscar racing to Valencia in 2007, including a 1000 km endurance event.
Formula E selected the circuit as its pre-season testing venue from 2017 onward, drawn by the track's low-traffic availability in the winter months. In April 2021, Valencia hosted the fifth and sixth rounds of the 2020–21 Formula E World Championship — marketed as the Valencia ePrix — marking the first time a Formula E race was held on a permanent road circuit rather than a temporary street layout. A temporary chicane was inserted into the start/finish straight to modify the configuration. Formula E testing was relocated to the nearby Circuito del Jarama in November 2024 after severe flooding in the Valencia area disrupted the normal schedule.
The GP2 Series (now FIA Formula 2) raced at Cheste in 2006 and 2007, and the GP3 Series used it as a pre-season testing venue before holding a standalone race there in 2013. The NASCAR Euro Series has opened its season at the track each year since 2014. In October 2024, the circuit hosted the third edition of the FIA Motorsport Games.
The circuit's position as the traditional MotoGP season finale has repeatedly given it significance in championship conclusions. Multiple riders have clinched world titles — or seen title bids undone — in Valencia's final laps, cementing its reputation as one of the most emotionally charged stops on the calendar.
The 2021 Formula E ePrix at Valencia was a milestone for the championship, demonstrating for the first time that a Formula E race could be staged viably on a permanent circuit and opening discussion about the series' long-term venue strategy. The circuit's wide permanent facilities contrasted with the narrow street layouts that Formula E had used exclusively until that point.
The circuit has been recreated in multiple sim titles. It appears in the Gran Turismo series, including Tourist Trophy and Gran Turismo PSP, and in simulation-oriented titles such as rFactor, GTR Evolution, and Alfa Romeo Racing Italiano. As a permanent fixture on the MotoGP calendar, the track has been included in every official MotoGP video game since the circuit opened in 1999, and appeared in the SBK series from 2006 to 2013. Assetto Corsa Competizione added a recreation of the track in 2023.
The circuit features multiple layout configurations. The full international layout runs 4.005 km and provides a wide variety of corner types suited to both car and motorcycle racing. The facility's design includes extensive run-off areas consistent with modern FIA and FIM safety standards.