It is named after Georgios Karaiskakis, a military commander and national hero of the Greek War of Independence, who was mortally wounded in the area.

[4] It was used during the Athens 1896 Summer Olympics, as the Neo Phaliron Velodrome, where Frenchman Paul Masson took the three track cycling gold medals.

As of 2008 and after Greece's disappointing Euro 2008 performance, the attendance of national team matches dropped drastically, leading the Ministry of Sport to change the venue to Heraklion, Crete.

In memory of this event, at the tribune where Gate 7 is now, twenty-one seats are black colored instead of red, shaping the number "7".

It hosts 40 VIP lounges and suites, that can hold up to 474[12] persons, a press conference hall, that can hold up to 130 seats, 200 seats for press and media coverage, an entire shopping mall, with restaurants, cafés, retail and clothing stores and a gym.

Rihanna,[14] Aerosmith,[15][16] Evanescence,[17] 50 Cent,[18] Scorpions,[19] Whitesnake, Imiskoumbria, Def Leppard[20] and Sex Pistols have performed at the stadium.