The park's name is officially bilingual due to it being federally owned and managed, and was first home to de Havilland Canada, an aircraft manufacturer, and later was a Canadian Forces base.

Before the establishment of the aircraft plant and airfield the site was farmland that emerged after John Perkins Bull settled nearby in 1842.

[2] After the war, the Department of National Defence (Canada) needed space to station Royal Canadian Air Force squadrons in the area.

In April 1997, North York mayor Mel Lastman proposed developing the area into a large entertainment complex.

Plans included three hockey arenas, a movie studio, year-round skiing, a whitewater rafting venue, an Olympic-size swimming pool, and a multiplex cinema.

The developer selected was the Reichmann family's Heathmount Arts and Entertainment, and its plan was approved by North York council in December 1998.

The first step was to regenerate the soil, which had been compacted by more than 50 years of military base use, so that it will again support the lush vegetation that is planned for a very significant portion of the site.

[needs update] In 2013, Mattamy Homes, Canada's largest homebuilder, entered into a joint partnership with Urbancorp, a real estate developer to begin construction on the first residential community in the park.

[1] The property has been the site of several high-profile events, including two Papal visits by Pope John Paul II, in 1984 (while still an active military base) and 2002 (World Youth Day), as well as the Molson Canadian Rocks for Toronto concert in 2003 featuring The Rolling Stones, AC/DC, and many others.

with Linkin Park, Stone Temple Pilots, The Sam Roberts Band, Billy Talent, AFI, Alexisonfire and Metric performing.

On 16 June 2012, a temporary stage collapsed an hour before gates opened for a scheduled Radiohead concert, killing one person and injuring three others.

It was also announced that the lands were to be held in perpetuity and in trust as a "unique urban recreational green space for the enjoyment of future generations."

Situated near the eastern edge of the park across from Downsview Airport, the station was renamed Sheppard West in advance of a northern extension of Line 1, which opened on December 17, 2017.

This station is located at the park's north end and serves as an intermodal interchange with the Barrie line, part of GO Transit's commuter rail services.

[17] The Downsview Park Sports Centre also accommodates K1 Speed indoor electric go-karting (aka green go-karting), the HoopDome basketball facility, The Rail Skatepark skateboard destination, True North Climbing indoor rock climbing gym and Blyth Academy Downsview Park School for Elite Athletes.