The circuit opened as Wanneroo Park in 1969, with the inaugural centrepiece event being a Six Hour Le Mans-style race for sedans and sports cars. As popularity of that format waned, production car racing became the dominant activity. The venue's most significant early moment came in 1979 when the Australian Grand Prix was held at Wanneroo for the first and only time, coinciding with the opening of a new pits and paddock area on the western side of the circuit. South Australian driver Johnnie Walker won that Grand Prix driving a Lola T332 Formula 5000, becoming the last driver to win the Australian Grand Prix in a Formula 5000 car.
In 1992, a short circuit was constructed by linking Turn 5 on the existing layout to the back straight, forming a new 1.760 km layout. This extension was funded by prominent West Australian motorsport figure Alf Barbagallo, and in recognition of his contribution the circuit was renamed Barbagallo Raceway. The short circuit expanded the types of racing the venue could host, including truck racing and night events. It remained operational until 2018, when its licence was not renewed following track modifications that altered how the short circuit reconnected to the main layout.
The circuit underwent a major upgrade programme from 2011, beginning with the demolition of the control tower. Works included widening the track, constructing a new pit facility in the circuit's infield with a connecting bridge, improving lighting and safety barriers, and upgrading spectator and team facilities. The track was completely resurfaced in 2004, with almost all lap records falling in the months that followed. A second resurfacing was carried out in early 2019, accompanied by re-licencing by Motorcycling Australia that allowed bike racing to return after a safety-related ban in place since November 2016.
The venue was renamed Wanneroo Raceway in 2020, briefly carried the name CARCO.com.au Raceway from August 2022 to November 2025, and in December 2025 adopted the title MotorMall Wanneroo Raceway under a new naming rights arrangement.
The circuit holds multiple major meetings each year. Its headline event is a round of the Supercars Championship, currently titled the Perth Super 440, which draws more than 50,000 spectators across the three-day event, making it one of the biggest annual sporting occasions in Western Australia.
Australian Touring Car Championship rounds have been held at the circuit since 1973, with a series of interruptions — the circuit was absent from the calendar in 1974–1977, 2010, and during the COVID-19 pandemic in 2020–2021. Craig Lowndes has won the most ATCC and V8 Supercars rounds at the circuit, with six victories. Dick Johnson Racing holds the team record with seven round wins. The first ATCC race held at the circuit in 1973 was won by Allan Moffat driving a Ford XY Falcon GTHO Phase III.
The circuit also hosted the inaugural Australian Festival of Speed in 2010, which included demonstration runs by Formula One team Red Bull Racing and driver Mark Webber. The festival did not return to the venue after the event's organisers faced financial difficulties.
Motorcycle racing was banned at the circuit in November 2016 following a series of fatal accidents, pending safety upgrades. The Western Australia government's Hall Report identified specific changes required, including a dedicated motorcycle chicane at Turn 3 and an infield barrier between Turns 4 and the back straight. These modifications were implemented in January 2017, and motorcycle racing was permitted to resume following the 2019 resurfacing and Motorcycling Australia re-licencing.
Wanneroo Park's half-century of continuous operation, the 1979 Australian Grand Prix, and its ongoing role as the home of top-level Supercars competition in Western Australia cement its place as the premier permanent racing facility in the state.