LSK started purchasing land for their own stadium in 1947, having previously played at Lillestrøm Stadion.

Construction started in 1950 and Åråsen opened on 7 July 1951, having cost 150,000 Norwegian kroner (NOK).

Another stand opened on the east side in 1974, the same year as LSK was promoted to the 1. divisjon, then the highest division of Norwegian football.

This included luxury boxes, a new pitch with under-soil heating, three grandstands, and adjacent commercial and residential property.

They determined that the area Sørumsbrenna, part of a farm belonging to Knut Sørum, was the ideal location, despite it being fallow and scrub on a marsh.

[2] To accommodate increasing interest in the club following good results during the early 1970s, the board approved a new grandstand on the east long side.

Construction started in late 1973, with the stand covering two-thirds of the length of the pitch, and opened ahead of the 1974 season with a capacity for 1,056 spectators.

In addition to luxury boxes, it consists of 6,500 square meters (70,000 sq ft) of commercial property, including a car dealer, a medical centre and a restaurant.

Other investments in the area were carried out by private investors and public agencies, who bought land from Lillestrøm SK.

This included an 8,500-square-meter (91,000 sq ft) section to the north which consists of 96 apartments, some with balconies facing the pitch, and a grocery store.

Construction of the South Stand and affiliated buildings started on 15 November 2000[6] and was completed ahead of the 2002 season.

[2] In conjunction with the stand was a 2,000-square-meter (22,000 sq ft) commercial area rented by Akershus County Municipality, which hosts a psychiatric clinic for children and youth.

In 2000, this caused Lillestrøm SK to have to play their home match in the 2000–01 UEFA Cup against Alavés at Marienlyst Stadion in Drammen.

[5] In 2006, Per Berg, the owner of Lillestrøm SK AS, stated that the club would be in need of a new venue and indicated that one could be built at Kjeller, should the airport close.

[9] In 2009, Lillestrøm launched itself as one of six candidate cities for Norway's joint bid with Sweden to host Euro 2016.

[11] In January 2009, the club sold 25 per cent of their ownership in Åråsen Eiendom, which is responsible for operating the commercial facilities at the stadium, to Lillestrømbanken, a local bank, for NOK 9 million.

The club retained full ownership of Åråsen Stadion AS, the company which owns the venue.

[18][19] Since 2012 the Norway national football team has been using Åråsen and Lillestrøm stadion for training, largely due to not using an artificial turf, in addition to the near proximity to Oslo and the airport at Gardermoen.

[27] In the end, Strømmen only played one of their matches at Åråsen,[28] drawing 1–1 against Rosenborg on 10 August 1986 in front of 1,649 spectators.

[29] Norway co-hosted UEFA Women's Euro 1997, and three group-stage matches and a semi-final were held at Åråsen.

[33] Norway hosted the 2002 UEFA European Under-19 Football Championship, with two group-stage matches being played at Åråsen.

[34][35] The Norway national under-21 football team has played seven home matches at Åråsen: 1–3 against Sweden in 1979, 1–2 against France in 1987, 3–2 against San Marino in 1992, 0–0 against Georgia in 1999, 3–0 against Germany in 2001, 0–0 against Slovenia in 2004, and 1–0 against Turkey in 2007.