Founded in 1954, the Hobart Sporting Car Club built the circuit in a natural amphitheatre on land provided by Calvin Morrisby (after whom turn 7 is named).

The circuit was officially opened on 9 February 1958 by then Tasmanian Premier Robert Cosgrove with 20,000 spectators in attendance, and has been operating continuously ever since.

Baskerville is the second-oldest continuously operating motor racing venue in Australia, with only Mount Panorama (which opened in 1938) being older.

Baskerville Raceway hosted the inaugural Tasmanian Historic Motorcycle Championships from 25 to 27 November 2011.

[7] As of September 2024, the fastest official race lap records at the Baskerville Raceway are listed as:[8]