On January 1, 1920, Toronto voters approved by plebiscite a proposal by the Royal Agricultural Fair Association to construct, at a maximum cost of CA$1 million, a new arena for livestock.

[11] Robert Fleming, President of the Canadian National Exhibition (CNE) declared that the building would be the largest of its kind in the world, with a floor space of 8.5 acres (3.4 ha).

[19] From 1942 to 1945, the building was used as a training base for the Royal Canadian Air Force during World War II and known as the 'Manning Depot'.

[20] As part of the renovation, the southern facade was reclad with black, grey and white siding and a new front plaza was built, with a large "COLISEUM" sign on top.

[22] In November 2002, the City of Toronto agreed to an extensive renovation of the Coliseum to attract a professional ice hockey team to the arena.

[24][25] The City of Toronto invested CA$9 million in the project and guaranteed Borealis' loans, while remaining the owner of the building.

[3][24][23][25] In 2003, Japanese office supply company Ricoh purchased the naming rights to the new facility for CA$10 million over ten years, with an optional five-year extension.

[27] In 2018, MLSE announced that the Toronto Argonauts football operations offices and weight rooms would be relocated to the Coliseum in late June of that year.

[32] The Leafs reportedly did not want the Coliseum to be upgraded as it would compete with their newly opened Air Canada Centre.

[24][25] On November 1, 2003, the Coliseum made its debut as an ice hockey venue, as the Roadrunners tied the Rochester Americans 1-1.

[25][36] The Oilers chose to relocate the Roadrunners to Edmonton for the following season due to poor attendance and in anticipation of the impending NHL lockout, leaving the Coliseum without a hockey tenant.

In August 2004 Maple Leaf Sports & Entertainment announced that they would relocate their AHL farm team from St. John's, Newfoundland to Toronto to play in the Coliseum for the 2005–2006 season,[37] after agreeing on a 20-year lease for the arena, with an option to extend the term for a further 10 years.

[25] Their lease calls for rent to cover debt financing charges, property taxes and generate a return to the arena investors,[38] which exceeds $4 million annually.

[39] The team, which was subsequently renamed the Toronto Marlies, debuted in their new home on October 12, 2005, with a 5–2 victory over the Syracuse Crunch, in front of a crowd of 8,056.

[44] On April 30, 2024, it was announced that the Toronto Sceptres of the Professional Women's Hockey League—which played most of its inaugural regular season out of Mattamay Athletic Centre—would host its playoff games at the Coliseum.

Acts that have performed there include Playboi Carti, Lil Tecca, Jimi Hendrix, The Doors, The Who, Genesis, Bob Dylan, Vanilla Fudge, Mötley Crüe, G.E.M.,[50] Hatsune Miku[51] and Kraftwerk.