It is the home of Club Universitario de Deportes, and it was opened in 2000 to replace the Estadio Teodoro Lolo Fernandez.

[2] Designed by Progreso International and Gremco S.A., Uruguayan architect Walter Lavalleja Sarriés led the construction of the stadium.

[5] The stadium has hosted some of the Peru national football team's international matches including FIFA World Cup Qualifiers.

In addition, between its opening in 2000 until 2007, only one edition of the Peruvian Clásico was played due to security concerns; however, in late 2008, the derby returned to the stadium.

Located on Avenida Prolongación Javier Prado Este, the 85.000-spectator stadium and the surrounding sport complex cover an area of 186,542 m2 (2,007,920 sq ft).

The lower section of the stadium consists of four stands—known as Norte, Sur, Oriente, and Occidente (North, South, East, and West respectively)—each having its own entrance.

In the center of the western stand the Palco Oficial is situated for about 600 spectators, which has a private entrance and commodities such as bathrooms and a cafeteria.

Modern floodlighting was installed, with a total of 160 Ultra Sport General Electric spotlights of 2,000 watts with four levels of illumination.

The inaugural match was played on 2 July 2000 against Sporting Cristal for the local Primera División with a record assistance of 54,708 spectators (not counting luxury boxes).

On 26 June 2002, the derby was allowed to be played for the first time at the Monumental between Universitario and Alianza Lima for the Torneo Apertura trophy.

The Monumental had a chance to be a venue for the 2004 Copa América, however conflict ignited between the club and the tournament organizers which led to the absence of this stadium from the event.

Estadio Monumental has played host to several world-acclaimed musical artists such as: Other notable events took place in an open area south of the stadium premises, commonly known as "Explanada del Estadio Monumental" and often mistakenly regarded as part of the complex; not to be confused with the south parking lot actually belonging to the stadium that also serves as a music venue for shows holding less than 40,000 people.

Joshua held a two-day crusade in September 2016 which attracted nearly 100,000 over both days and made headlines in local Peruvian media.