It was formed to transport grain from local collection points located on railways throughout the grain-producing regions of New South Wales.

It was privatised in 1992 with a majority of shares being transferred to grain growers, and listed on the Australian Securities Exchange in March 1998.

[3][4][5] The company operates an extensive network of rail-linked storages across south-east Australia, as well as seven export terminals in Brisbane, Geelong, Gladstone, Mackay, Newcastle, Port Kembla and Portland.

[8] Although cleared by the Australian Competition & Consumer Commission, the bid was disallowed by Federal Treasurer Joe Hockey, citing that it would not be in Australia's national interest.

[19] In October 2019 GrainCorp was found guilty by the New South Wales Environment Protection Authority of breaches of fumigation protocol at its Port Kembla facility.