The stadium was built between 1929 and 1930 to host the inaugural 1930 FIFA World Cup, as well as to commemorate the centenary of Uruguay's first constitution.

[3][4] On 18 July 1983, it was declared by FIFA as the first Historical Monument of World Football, to this day the only building to achieve this recognition worldwide.

It was inaugurated on 18 July 1930, with a match between Uruguay and Peru; the Celeste won 1–0 with a goal by Hector "Manco" Castro.

[12] Peñarol played all of its home matches at the stadium from 1933 until it moved to Estadio Campeón del Siglo in 2016.

[1] Under the Olympic Grandstand are located primary school "Nº 100 Héctor Fígoli"; and the Museum of Uruguayan Football.

In 2004, it underwent a remodeling, in which a panoramic elevator was added to the Torre de los Homenajes.The Museum has a large collection of objects that are reminders of the most outstanding moments of Uruguayan and world football.

[citation needed] This is administered by the Official Field Administrative Commission (CAFO), which is made up of representatives of the AUF and the Montevideo Municipal Government.

[citation needed] On 4 October 2023, Uruguay was announced as one of six host nations for the 2030 FIFA World Cup.

To celebrate the centennial of the inaugural World Cup, Estadio Centenario is expected to host the opening match.