[2] Located on the University of Calgary campus, it is the official designated training centre for Speed Skating Canada and the Elite Athlete Pathway.

The precursor for construction of a speed skating oval came with Calgary's successful bid for the 1988 Winter Olympics in September 1980.

Substantial completion of construction occurred in April 1987,[9] officially opening on September 27, 1987, five months before the Olympics.

The Olympic Oval's opening was witnessed by over 3,000 people, with Otto Jelinek, the Minister for Fitness and Amateur Sport hosting the ceremony, along with University President Norman Wagner, Minister of External Affairs Joe Clark, IOC President Juan Antonio Samaranch, and other speakers.

During the ice-out months of April and May, the Oval hosts the Judo and Taekwondo Canadian National Championships, and major volleyball, gymnastics, floor hockey, running, and billiards events.

In addition, the Oval hosts major car shows, science fairs, expos, robotics shows, science and engineering events, major film and television shoots, fundraisers, the RBC training ground and University of Calgary events.