Vanderbilt has played in 14 National Invitation Tournaments, winning it in 1990 and finishing runners-up in 1994.

It was dedicated as the campus memorial to students and alumni killed in World War II; a plaque commemorating those who died is displayed in the gym's north lobby.

At the time of the gym's construction, there was a serious discussion within the Vanderbilt community about whether the school should de-emphasize intercollegiate athletics and refocus on its academic program.

As a compromise between those who advocated increased athletics competition and those who argued in favor of de-emphasis, the gymnasium was built to hold only about 9,000 seats, and it would be readily adaptable to other uses—significantly, as a possible concert hall.

The end-of-the-floor bench location is now unique in major college basketball, and SEC coaches who travel to Memorial, along with coaches from other schools who have played at Vanderbilt as a post-season venue, have said that the unusual setup gives Vanderbilt a tremendous home court advantage, since no other facility in which opponents play is arranged in such a way.

Vanderbilt defeated Nashville YMCA in a score of 9-6, on 7 February 1893, in the first college basketball game played in history.