It replaced the RCA Dome as the home field of the Indianapolis Colts of the National Football League (NFL).

[12] The stadium was constructed to allow the removal of the RCA Dome and expansion of the Indiana Convention Center on its site.

[13] Architectural firm HKS, Inc. was responsible for the stadium's design, with Walter P Moore working as the Structural Engineer of Record.

[4] The retractable north window offers a view of downtown Indianapolis during games, concerts and other events due to the stadium's angled position on the city block.

[57] The Colts faced the Chicago Bears in a rematch of Super Bowl XLI in their first regular season game in the stadium on September 7, 2008, which ended in a 29-13 defeat.

[63] In June 2023, Lucas Oil Stadium was announced to host all Saturday night events as part of the 2024 NBA All-Star Game festivities that occurred in February 2024.

[66] In 2015, Drum Corps International and the city of Indianapolis announced a 10-year contract extension, allowing the World Championships to continue through 2028.

[86] The Indiana Legislature considered a bill to raise sales taxes statewide to cover the shortfall; however, this plan faced stiff opposition from legislators outside the Indianapolis metro area.

Anticipated expenses were $27.7 million—far outstripping the $7.7 million CIB expected to collect from its share of revenue from stadium events.

[89] On September 8, 2013, after the Colts defeated the Oakland Raiders in the season opener, a rail over the opposing team tunnel collapsed, injuring two fans.

[90][91] On September 3, 2015, three fans were injured by a bolt that fell from the roof of the stadium as it was being opened during an NFL preseason game against the Cincinnati Bengals.

[92] The stadium was pronounced safe by officials, but the roof remained closed for events until a final investigation was completed as to why the bolt fell.