Built in 1988 and located adjacent to the Brazos River, it is home to the Baylor University Bears volleyball, acrobatics, and tumbling teams.

It is named for Charles R. Ferrell, a Baylor student and legacy who died in 1967, and whose family's estate was a major benefactor of the arena.

This consists of 4 new HD video screens, and 2 LED 360 degree rings on top and bottom, supplying fans with stats, replays, and more.

It contains 2 full practice courts, a strength and conditioning center, and new offices for the men and women's basketball staff.

Through the years, the arena has hosted many famous acts on its stage including: George Strait, Garth Brooks, Keith Urban, Hootie and the Blowfish, Neil Diamond, Dolly Parton, Steven Curtis Chapman, Michael W. Smith, Amy Grant, the Harlem Globetrotters, and many more.

The Baylor and Waco communities have made the Ferrell Center a tough place to play basketball with record crowds in attendance since the arrival of Kim Mulkey, including a facility record crowd of 10,550 while winning the 2005 women's Big 12 Conference regular season title.

The last game of the Men's Basketball Team at the Ferrell Center was a 107–48 Blowout against Mississippi Valley State Delta Devils on December 22, 2023.