The stadium serves as the home ground for the Tasmanian Tigers, Tasmania's state cricket team, and the Hobart Hurricanes, a Big Bash League franchise.

Significant redevelopment projects have expanded the stadium's facilities to meet the requirements of high-profile events and increase spectator comfort.

A concrete cricket pitch served local junior teams until the 1956/57 season, when it was replaced by a turf wicket.

[citation needed] Some minor upgrades were made in the 1960s: clubrooms were built in 1961 and in 1963, a small grandstand (seating about 500) and new public address system were installed.

[citation needed] The move was made in 1987 under TCA Chairman Denis Rogers, in time for the ground’s first international match—between Sri Lanka and New Zealand—on 12 January 1988, before a crowd of 6,500.

[citation needed] In 2007, the venue saw the Tasmanian Tigers win the state's first Sheffield Shield and in 2008, the ground hosted its first One-Day Cup final, also won by Tasmania.

These sustainability efforts were part of a broader push by Cricket Tasmania to modernise its venues and reduce environmental impact during large-scale events.

[10] [11] Following the completion of the Ricky Ponting Stand in 2015, the stadium’s capacity officially reached 20,000, although temporary seating arrangements during high-demand events such as Big Bash League (BBL) finals and AFL matches have allowed attendance to occasionally exceed this number, with a record of 20,200 set during a Hobart Hurricanes semi-final match in 2023.

In 2023, the oval hosted the WBBL final, attracting 14,500 spectators, the highest ever attendance for a women’s match at the venue.

[13] The growth of women's sport in Tasmania has been highlighted by this venue's importance, particularly with investments into better training facilities for female athletes, such as a dedicated gym and locker room area built in 2022.

[18][19] The ground was scheduled for further redevelopment by 2015, with the state government providing $15 million to expand the Southern Stand and Members' Stand, increasing the ground's capacity to over 20,000 for the 2015 Cricket World Cup, along with an Ashes Test in the future, and the possibility of locking-in a long-term commitment for AFL games.

In 2010, talk of Melbourne-based Australian Football League (AFL) clubs shifting home games to Bellerive Oval surfaced.

[24] The first game was played 8 April 2012 in Round 2, in which North Melbourne defeated the fledgling Greater Western Sydney Giants by 129 points.

The record attendance at Bellerive Oval since the addition of the Ricky Ponting stand is 18,149 during a 2015–16 BBL match between Hobart Hurricanes and Perth Scorchers on 10 January 2016.

Thus, large numbers of vehicles are parked in the surrounding streets when such events are held, resulting in access issues for local residents and need for traffic-control measures.

In 2023, a ferry service from Brooke Street Pier connecting the Hobart central business district with Bellerive Oval during major events was introduced.