[2][3] It is intrinsically linked to the Indianapolis 500 and Brickyard 400, but it also includes exhibits reflecting other forms of motorsports, passenger cars, and general automotive history.

It is located in the infield of the Indianapolis Motor Speedway race course, and is open year-round, except on certain holidays including Thanksgiving and Christmas.

[7] The original building was designed by C. Wilbur Foster and Associates and sited on the property's southwest corner at the intersection of 16th Street and Georgetown Road.

[7][9] According to Speedway publicist Al Bloemker, by 1961, the museum was seeing an average of 5,000 visitors per week (not including month of May crowds).

[10] In 1975, the Indianapolis Motor Speedway broke ground on a new 96,000-square-foot (8,900 m2) museum and administration building inside the track's infield.

In 1993, the museum parking lot hosted the first "Indy 500 Expo" during race festivities, an outdoor interactive spectator exhibit.

Also, at some point in the 1990s, the photography department added a Halon fire suppression system to the storage room where original film negatives and even glass plates for every race hosted at the track since the inaugural Indianapolis 500 in 1911.

)[citation needed] In 2016, a revitalization and modernization project was initiated to expand the museum's floor space and add interactive displays.

Displays include highlights of the history of Speedway ownership, the evolution of the track, and memorabilia from past years.

The contents of the stored collection has become a source of folklore and mystique, as it includes some extremely rare vehicles that few visitors are allowed to see, and photography is strictly forbidden.

In 2016, the museum display floor was expanded by 7,500 square feet after Speedway staff offices were relocated to another building.

[7] It was originally the brainchild of Tony Hulman[7] who had expressed interest in starting a racing hall of fame shortly after he purchased the Indianapolis Motor Speedway in 1945.

Candidates can be nominated after at least twenty years have elapsed from the first date of participation in activities involved with professional-level auto racing.

Subsequent to that, Jeff Gordon became the first driver inducted whose accomplishments were primarily or exclusively attributed to a race other than the Indianapolis 500.