It took place during Memorial Day weekend on May 29, 2022, at the T-Mobile Arena in the Las Vegas suburb of Paradise, Nevada.

The event returned Double or Nothing to its home of Las Vegas, after the previous two years had to be held at Daily's Place and the adjacent TIAA Bank Field stadium in Jacksonville, Florida due to the COVID-19 pandemic.

were the inaugural winners of the men's and women's Owen Hart Cup, The Jericho Appreciation Society (Chris Jericho, Daniel Garcia, Jake Hager, Angelo Parker, and Matt Menard) defeated The Blackpool Combat Club (Bryan Danielson and Jon Moxley), Eddie Kingston, Santana, and Ortiz by technical submission in an Anarchy in the Arena match, and in the opening bout, Wardlow defeated MJF, which freed Wardlow from his "contract" with MJF and officially "signed" with AEW.

It is held annually in May during Memorial Day weekend and is one of AEW's "Big Four" PPVs, which includes All Out, Full Gear, and Revolution, their four biggest domestic shows produced quarterly.

[7] In addition to PPV, AEW partnered with Joe Hand Promotions to air Double or Nothing in select movie theaters across the United States.

[9] Storylines were produced on AEW's weekly television programs, Dynamite and Rampage, the supplementary online streaming shows, Dark and Elevation, and The Young Bucks' YouTube series Being The Elite.

In September 2021, AEW announced the establishment of the Owen Hart Cup, an annual tournament to honor the legacy of Owen Hart, a prominent wrestler for WWE (at the time was known as the World Wrestling Federation) during the 1990s, who tragically died at that company's 1999 Over the Edge PPV.

[19] The following week, Jericho stated that the fans and the Inner Circle did not appreciate him, and that Kingston embarrassed him by making him tap out.

[22] On the May 11 episode of Dynamite, Kingston along with Santana and Ortiz, united with the Blackpool Combat Club to fight off the Jericho Appreciation Society.

[23] The following week, Kingston agreed to team with Jon Moxley and Bryan Danielson, along with Santana and Ortiz, to wrestle the Jericho Appreciation Society in an Anarchy in the Arena match at Double or Nothing.

[20] After remaining undefeated for a year, Scorpio Sky defeated Sammy Guevara to win the AEW TNT Championship on the March 9 episode of Dynamite.

After the match, Paige VanZant, who helped Sky win the title, signed her AEW contract on top of Guevara's real-life girlfriend, Tay Conti.

[18] On the May 13 episode of Rampage, Sky successfully defended the title against his former tag team partner Frankie Kazarian, following interference from Ethan Page and Dan Lambert.

[26] During the Double or Nothing Buy-In pre-show, Hookhausen (Hook and Danhausen) faced Tony Nese and Mark Sterling.

At the start of the match, MJF ducked to ringside and told the referee to make Wardlow back up.

[27] Next, the Men's Owen Hart Foundation Tournament finals took place as Adam Cole faced Samoa Joe.

[27] The sixth match was the Women's Owen Hart Foundation Tournament finals as Dr. Britt Baker, D.M.D faced Ruby Soho.

[27] After the match, Dr. Martha Hart was introduced by commentator Tony Schiavone, who thanked the fans for the warm welcome while Cole and Baker stood on opposite sides of the stage.

In the final moments, O'Reilly performed three PK kicks on Allin, and landed a knee drop from the top rope for the victory.

Deeb then applied a figure-four leglock on Rosa, where they ended up rolling out of the ring to the floor, which broke the hold.

[27] Following this was an Anarchy in the Arena match between The Jericho Appreciation Society (Chris Jericho, Daniel Garcia, Jake Hager, Angelo Parker, and Matt Menard) against The Blackpool Combat Club (Bryan Danielson and Jon Moxley), Eddie Kingston, Santana, and Ortiz.

When the latter were entering from various places in the arena, the brawl started while Moxley’s "Wild Thing" theme song continued to play.

Danielson drove a steel chair into Jericho's face and performed a running knee at the same time for a nearfall.

[27] In the penultimate match, Jurassic Express (Jungle Boy and Luchasaurus) (accompanied by Christian Cage) defended the AEW World Tag Team Championship against Swerve In Our Glory (Keith Lee and Swerve Strickland) and Team Taz (Powerhouse Hobbs and Ricky Starks).

Boy attempted another suicide dive on Strickland, but Lee caught him and powerbombed him onto the back of Luchasaurus.

[27] In the main event, "Hangman" Adam Page defended the AEW World Championship against CM Punk.

In the culmination of the match, Page's knee buckled during the execution of a Buckshot Lariat, allowing Punk to perform the GTS and win the title.

[28] Justin Barrasso of Sports Illustrated opined that although Double or Nothing "ran too long", it still had its "share of standout moments".

Barasso thought there was no more significant moment at Double or Nothing than Punk regaining his place atop the wrestling world, the tag team championship three-way match was "outstanding", the Anarchy in the Arena match was an "unforgettable gore", Rosa-Deeb was a "technical brilliance", O'Reilly-Allin was "very good", and Baker-Soho was "one of the best on the card".

He initially wanted to relinquish the title; however, Tony Khan decided that an interim champion would be crowned until Punk's return.