The track opened in September 2006 with the Soy Biodiesel 250, won by Woody Howard, for the USAR Hooters Pro Cup Four Champions playoff. The Indy Racing League announced a race there on June 24, 2007, the Iowa Corn Indy 250, which was won by Dario Franchitti, who barely nipped Marco Andretti at the finish line. The track also secured a combined NASCAR Camping World East-West race where results counted towards both series' championships. That race delivered a dramatic battle between 17-year-old Joey Logano from the Busch East Series, who defeated Daytona 500 champion Kevin Harvick, 1998 West Series champion, who represented the West Series at the end of the race.

The track was designed with influence from Rusty Wallace and patterned after Richmond Raceway as a D-shaped oval, a short track where Wallace was very successful. The track length is disputed by the two major series that run at Iowa. The NASCAR timing and scoring use a length of 0.875 miles (1.408 km). The IndyCar Series timing and scoring use a length of 0.894 miles (1.439 km).

The track was awarded a NASCAR Camping World Truck Series race and a NASCAR Nationwide Series race in 2009.

On July 5, 2011 it was announced that the Manatt family, builders and primary owners of the Iowa Speedway through the holding company U.S. Motorsports Corporation, had sold their majority interest to the Clement family, owners of Featherlite Incorporated. "It was our privilege to help build the track five years ago, and like a proud parent, we've enjoyed watching it thrive and grow," said company president Brad Manatt. Featherlite Incorporated already has a long-standing relationship with NASCAR. Many race teams use Featherlite Trailers and Featherlite Coaches for the transport of cars and staff. Rusty Wallace will remain a minority owner in the track.

Following news of financial issues at the track, the facility was purchased by NASCAR by November 2013.