The area on which the stadium is, was used for leisure and horse racing in the British colony at Parramatta, that was founded along with the harbour settlement of Sydney in 1788.

Governor Charles FitzRoy approved the creation of a racecourse on the site in 1847, with a cricket field grown within the racetrack and opened in 1863.

In 1981 after Parramatta won their first-ever rugby league premiership supporters packed into the oval and proceeded to burn the grandstand to the ground, and shortly after a decision was made to build a modern stadium.

In 2012, with the success of the newly formed Western Sydney Wanderers, which included hosting a sell out crowd for the 2014 AFC Champions League Final, and the ongoing desire of the Parramatta Eels to replace the nearly 30-year-old stadium, the NSW Government canvassed expansion options including an increase to capacity in the north and south ends with a second tier or a successive rebuild of all four sides.

[8] The Parramatta Eels hosted the final game of rugby league, defeating St George Illawarra 30–18, with Bevan French scoring three tries.

[11] Expressions of interest were requested in June 2016, with four shortlisted to bid:[2] The four groups were Populous & Lendlease, Cox Architecture & John Holland, Hassell & Brookfield Multiplex and, lastly, BVN & Laing O'Rourke.

[2][12] As a requirement of the expanded footprint of the stadium, the adjacent Parramatta War Memorial Pool was also closed and demolished.

A small group of protesters disagreed with the decision, gaining a measure of local media coverage to promote their anti-stadium online petitions.

A replacement for the pool was announced in March 2017, with the NSW Government confirming that a new aquatic centre would be built on the old Parramatta Golf Course site.

The key features of the stadium are a 10,000 increase in capacity from the old stadium, a major increase in corporate facilities, steep grandstands, integrated pedestrian and transport links, local landscaping, a premium field-level members club and a high-quality public address system.

The first major installation of modern safe standing in Australia is included in the design, with three bays totalling 1,000 capacity in the Red & Black Bloc active support area, using an interchange system that allows regular seating to be installed during the winter rugby code season before being swapped for the summer A-League season for the Wanderers.

The first roof section was assembled and lifted into place at the south end of the ground on 12 February 2018, and complete by late 2018.

[22] The stadium also hosts concerts, the first being Cold Chisel, the Hoodoo Gurus and Birds of Tokyo held on 24 January 2020.

[24] The stadium opened with a rugby league match between the Parramatta Eels and the Wests Tigers on Easter Monday, 22 April 2019.

Eels halfback Mitchell Moses scored the first try, conversion and field goal in the stadium at NRL level.

The first soccer game held at the new stadium was on 20 July 2019 when Western Sydney Wanderers hosted English side Leeds United.

[37] The attendance figure was 17,091 which is the Wanderers highest-ever A-League regular season crowd, outside of Sydney Derby matches.