The venue is owned by a Live Nation subsidiary, Apollo Leisure Group Ltd.[2] and is among the top ten busiest music arenas by ticket sales in the world.

[3] It was built on the site of the former Point Theatre,[4] a smaller music venue which operated from 1988 to 2007, retaining only some of the outer facade.

Following its closure in 2007, the site underwent major redevelopment and was renamed The O2 after the telecommunication brand, O2, similar to The O2 in London.

This was achieved by arranging the seats around the stage in a gigantic "fan" formation which the architects likened to the Colosseum of Rome.

[7] Alcohol is available in a high-security area of the venue in an effort to curb under-age drinking.

Mike Adamson (CEO of Live Nation Ireland) claimed that Irish fans had been short-changed when attending major events in the previous venue due to size restrictions.

Developer Harry Crosbie said that the Point had had a "grungy" feel "which suited Dublin at the time".

[11] U2 were the first band to play in the venue, when Bono and The Edge performed "Van Diemen's Land" and "Desire" to a private audience.

[13] American pop star Lady Gaga performed 5 concerts at the venue on her Monster Ball Tour in 2010, becoming the first female act to sell out as many nights.

There was a controversial Guns N' Roses show in September 2010 during which the band had arrived a substantial amount of time late then had bottles hurled at them and stopped performing.

[10] Rammstein performed their first-ever show in Ireland at the arena on 27 February 2012 as part of their Made in Germany 1995-2011 Tour.

[19][20] Since December 2015, the Arena has voluntarily hosted the RTÉ 2fm Xmas Ball, a yearly charity gig in aid of ISPCC.

Katie Taylor made her Irish professional debut at the arena on 20 May 2023 when she unsuccessfully challenged Chantelle Cameron for the undisputed super-lightweight championship.