Originally known as the Molson Indy Toronto, it was part of the Champ Car World Series from 1986 to 2007.

[4][5] Automotive shows, displays, races and driving demonstrations have taken place on the grounds since the invention of the automobile, including the first appearance of an indy car, the 1916 Indianapolis 500 winning Peugeot during the 1918 Canadian National Exhibition.

Following the 1977 Formula One Canadian Grand Prix, Labatt, the sponsor who held the rights to F1 racing in Canada at the time, as well as the owners of Mosport Park revived the proposal to move the race to Exhibition Place after the FIA deemed Mosport as an unsuitable host facility going forward.

The tight tri-oval was unpopular with the CART teams in part due to a severe injury to Rick Mears during the first event.

[13] In the spring of 1985, Molson revived the idea of a street circuit through Exhibition Place in Toronto for a third time.

The unification of Champ Car and the Indy Racing League was announced on February 22, 2008, and the Grand Prix of Toronto's future was left in doubt.

The 2020 and 2021 editions of the event were cancelled due to the COVID-19 pandemic in Ontario, marking the second gap in the race's history.

This came due to the restrictions that were in place barring non-essential travel at the Canada–United States border (as most IndyCar Series races are within the United States) and after Mayor John Tory announced that all mass public gatherings were banned throughout the summers of 2020 and 2021 respectively in response to the pandemic.

[20][21] Following the cancellation of the 2020 race, a new three-year agreement was reached in September 2020 between Exhibition Place and Green Savoree Toronto to host the event through 2023.

In 1958, the 31st round of NASCAR's Grand National (now Cup Series) championship was held at the third Exhibition Stadium (located on the site of BMO Field).

In lieu of paid admission, attendees are encouraged to make a contribution to the Make-A-Wish Foundation upon entering the grounds.