The circuit was built by the WA Sporting Car Club, with the first race meet taking place in March 1969. In its early years, the headline event was a Six Hour Le Mans-style race for sedans and sports cars, though production car racing gradually took over as the dominant format.
The track achieved national prominence in 1979 when it hosted the Australian Grand Prix, coinciding with the opening of new pit and paddock facilities. That race was won by South Australian Johnnie Walker driving a Lola T332 Formula 5000, making him the last driver to win the Australian Grand Prix in a Formula 5000 car.
In 1992, a short 1.760 km circuit was created by linking Turn 5 to the back straight. This extension was funded by prominent West Australian motorsport figure Alf Barbagallo, leading to the circuit being renamed Barbagallo Raceway. The short circuit enabled night racing and expanded the range of events the venue could host, including truck racing. It remained in operation until 2018, when its license was not renewed following track modifications.
The circuit has undergone several name changes reflecting successive naming rights arrangements. After operating as Barbagallo Raceway for nearly three decades, it reverted to Wanneroo Raceway in 2020. It was subsequently marketed as CARCO.com.au Raceway from August 2022 to November 2025, before MotorMall secured naming rights in December 2025, renaming it MotorMall Wanneroo Raceway.
A major resurfacing in 2004 resulted in almost all lap records being broken within the first few months. The sandy nature of the surrounding Neerabup terrain made the surface progressively more abrasive over time, earning the circuit a reputation as one of the toughest tracks on tyres in Australian motorsport. A second full resurfacing followed in early 2019.
Infrastructure upgrades in 2011 and subsequent years widened the main track, replaced the control tower, and constructed new pit facilities in the centre of the circuit with a connecting bridge. Improved lighting and safety barriers were also installed as part of this programme.
Motorcycle racing was banned from the circuit in November 2016 following a number of fatalities at motorcycle events. The Western Australian government commissioned an assessment — the Hall Report — which recommended specific safety upgrades before racing could resume. These included a motorcycle-only chicane at Turn 3 and a barrier wall through the infield area. The modifications were completed in January 2017, and Motorcycling Australia relicensed the venue in March 2019.
The short circuit's track license was not renewed partly as a consequence of those same safety modifications, and it has since been restricted to limited club events and drift days.
The circuit has hosted rounds of the Australian Touring Car Championship since 1973, with interruptions in 1974–1977, 2010, and 2020–2021 due to COVID-19. The flagship event at the circuit in the Supercars era is the Perth Super 440, regularly drawing over 50,000 spectators across a three-day weekend — one of the largest annual sporting events in Western Australia.
Craig Lowndes holds the record for most round victories at Wanneroo with six wins, while Dick Johnson Racing is the most successful team at the circuit with seven round victories.
In 2010, the circuit hosted the inaugural Australian Festival of Speed, featuring a demonstration by Red Bull Racing and driver Mark Webber. The festival did not return after financial difficulties led to its organisers going bankrupt.