Completed in its current form in 1989, it was reopened in September of that year with a match between Colo-Colo and CA Peñarol from Uruguay, which the hosts won 2-1, thanks to goals by Marcelo Barticciotto and Leonel Herrera.

The stadium was in 1991 home to the second Copa Libertadores final, won by Colo-Colo 3-0, making it the sole Chilean club to win the trophy.

[5] The stadium is also rented out to club Santiago Morning and other Chilean teams that require holding games on the international tournament scale.

In 2012, Chile played two qualifiers for the Brazil 2014 World Cup at the Estadio Monumental, winning 4-2 against Peru, and losing 1-3 against Colombia.

[8] Its principal tenant and owner is the corporate entity Blanco y Negro that runs Colo-Colo and for which Chilean billionaire and President Sebastián Piñera was a major shareholder.