The mall is the hub of the retail and commercial corridor along U.S. Highway 31 on the south side of the Indianapolis Metropolitan Area.

As with several other central Indiana shopping centers, Greenwood Park Mall is owned and operated by Simon Property Group.

Built on an 87-acre (350,000 m2) site by Atkinson & Company at a cost of $25 million, the Greenwood Shopping Center opened in 1965.

By 1990, an average of 10 million shoppers a year (about 28,000 a day) were patronizing the Greenwood Park Mall.

[3] On October 27, 1994, a Lowe's Home Improvement store opened north of Greenwood Park Mall.

Live plants and trees, park-style benches, and outdoor-style lampposts around the interior of the mall were eliminated in favor of a more modern and upscale design.

[9] On July 17, 2022, three people were killed and two others wounded after a mass shooting occurred at the mall's food court.