It has hosted various major auto racing series throughout its existence, including NASCAR, IndyCar, and FIA GT Championship.

Homestead–Miami Speedway is currently owned by the city of Homestead, operated by NASCAR, and is led by track president Guillermo Santa Cruz.

Seeking a permanent venue for the Grand Prix of Miami, auto racing promoter Ralph Sanchez initiated plans to build a complex in 1991.

[1] The complex also features a 2.3 mi (3.7 km), 11-turn "roval" layout that uses parts of the oval along with a specially designed infield road course.

[7] Homestead–Miami Speedway is served by U.S. Route 1 and Florida State Road 821,[8] and covers approximately 650 acres (260 ha) according to the Miami Herald.

[12] The facility also features an art deco aesthetic made by Day One that combines "aqua blue, tan, and purple" according to Yahoo Sports' Jay Busbee.

[13] On March 27, 1991, the Miami Herald made public that Grand Prix of Miami promoter Ralph Sanchez sought to build a permanent racing facility in Miami-Dade County, Florida, submitting a bill through the Florida Legislature that proposed that a local tourist tax would expand to let the tax be used to fund motorsports facilities.

[27][28] The North Miami City Council approved the proposal on June 26,[29] with Sanchez later stating hopes to host CART IndyCar World Series races.

[46] As a result, the $20 million promised by the Metro-Dade Commission was temporarily blocked[47] and the initial announced opening of November 1994 was delayed.

[58] By April 1995, track developers still owed approximately $11 million to various contractors, with Homestead mayor Ted DeMilly stating in the Miami Herald that "not only don't we have a lot of money, but we have a real time crunch.

"[59] The following month, businessman Wayne Huizenga offered a $20 million loan to cover the track's remaining deficits[60] in exchange for a minority ownership of the complex.

[64] The first tire tests on the facility were conducted by Busch Series driver Chad Little on August 9, 1995, with Little praising the track's oval layout.

According to The Tampa Tribune, $17 million worth of renovations were made to the facility in 1996, which focused on adding bathrooms, hospitality centers, and television screens.

[82] In further efforts to lure a Winston Cup race, attempts were made to make NASCAR president Bill France Jr. a partner for the Miami Motorsports group that leased the track from the city of Homestead; however, the talks broke down by March 1997.

[83] However, by the following month, the city of Homestead voted on changing the lease to allow an option to let the France family purchase Miami Motorsports;[84] it was approved on April 7.

[91] In order to accommodate a Cup Series race weekend, the facility was upgraded to hold 71,763 permanent seats; an addition of 21,000.

[96] By 2001, the city of Homestead was reported to have lost $34–51 million on potential profit on the track since 1999 due to the city changing its lease agreements to obtain a Cup Series date,[97] with Miami Herald writer Carl Hiaasen stating that due to the decision to change the city's lease agreement with ISC, "with one baffling stroke of the pen, Homestead agreed that it would take no share of its own speedway's profits, even if the NASCAR races were wildly successful.

"[101] In 2002, the facility experienced its second fatality when driver Jeff Clinton was decapitated when he crashed during a practice session for a Grand American Sports Car race.

[108] After approval was given by the United States Air Force,[109] the plan was officially confirmed in April 2005 with a budget of approximately $8 million;[110] the project was completed by November.

[112] In 2006, the track's third fatality occurred when IndyCar driver Paul Dana died in a practice crash for the 2006 Toyota Indy 300.

[115] Although the proposal was approved by July of that year,[116] by 2014, the track was reported by ISC to have decreased to 46,000 seats according to Bob Pockrass of Sporting News.

[124] Starting in 2025, the NASCAR race weekend at the track is scheduled to return to a March date, moving away from its current spot in the playoffs.