Construction began in the fall of 2018 and was completed in 2020, with a ceremonial opening held on November 23 of that year.

Liberty Arena is adjacent to the Flames and Lady Flames' previous home, the Vines Center, with a tunnel connecting the two venues.

[4][5] The first scheduled event was the Lady Flames' 76–53 win over Norfolk State on December 1, 2020.

[6] Two days later, the men's basketball team made its debut, defeating Saint Francis (PA) 78–62.

[7] The arena had originally been scheduled to open for Lady Flames volleyball in August 2020; however, after COVID-19 caused most NCAA teams, including Liberty, to move the women's volleyball season from its normal fall schedule to spring 2021 (with the NCAA moving its championship event to the spring), the volleyball opening was moved to January 22, 2021, against VCU.