The earliest idea of building a football stadium in the valley of Hrazdan river was proposed by the First Deputy Chairman of the Council of Ministers of the Soviet Union Anastas Mikoyan in his visit to Yerevan in the 1950s.

A group of architects, led by former weightlifter Koryun Hakopyan and former fencer Gurgen Musheghyan proposed the construction plan of a football stadium in Hrazdan gorge, to host around 75,000 spectators.

The construction works were launched during the second half of 1969 and with the financial support of Calouste Gulbenkian Foundation, completed in a remarkable period of 18 months.

The official opening of the stadium took place on 29 November 1970 with the presence of Leonid Brezhnev, celebrating the 50th anniversary of the Armenian SSR.

The Armenians celebrated Ararat Yerevan's double of the Soviet football in 1973, which allowed them to play in the European Cup.

After the independence of Armenia, the arena hosted the matches of the national team until 1999 when the smaller Republican Stadium in downtown Yerevan became its home ground.

The largest number of spectators for the National team was recorded on 9 October 1996 in a 1998 World Cup qualification match against Germany.

According to the president of Armenian Football Federation Ruben Hayrapetyan, a total of 6 million Euros will be spent for the modernization of the infrastructure, the pitch, the running track and the installation of a full-tribune cover for the stadium.

More than 110,000 fans packed the Hrazdan stadium to hear revolutionary and patriotic songs performed by the Armenian famous singer Harout Pamboukjian.