A ride (one complete rotation) takes 30 minutes and, according to the Star's website, provides uninterrupted 360-degree views of up to 40 kilometres (25 mi) "encompassing the Docklands precinct, Melbourne’s CBD, Port Phillip Bay and as far as Mount Macedon, Arthurs Seat and the Dandenong Ranges.

[7] By 1 March 2008 the outer rim had been completed,[13] and by 21 October air-conditioned enclosed passenger cabins, built in Osaka, Japan,[2] were receiving their fit out.

On 30 January 2009,[18] 40 days after opening,[19] the wheel was shut down by WorkSafe after cracks up to three metres (9.8 ft) long were discovered by a contract worker installing LED lighting.

[21] An undated press release on the operator's official website stated: "The Southern Star Observation Wheel was temporarily closed in January 2009.

[12] The reconstruction process began in a factory in Dandenong South in December 2009, at which time it was expected that a year would pass before the wheel would reopen.

[12] In October 2010 it was reported that the viability of the wheel was in doubt after contractors stopped work because they had not been paid, although a spokeswoman for Southern Star Management Group denied this, stating that "the construction process is extremely intricate and highly influenced by adverse weather conditions, including rain, wind, [and] hot and cold weather".

[24] On 28 November 2011 reconstruction work was in progress when the wheel broke free from its restraints and began turning in strong winds, resulting in minor injuries for one of the workers as they fled the site.

[27] In January 2012 it was reported that an international team of experts including Arup (who were involved in both the London Eye and the Singapore Flyer projects) and Hyder Consulting had been engaged in the redesign, and that reconstruction was now expected to be completed before the end of the year.

According to spokesman Ken Davis, 70 per cent of available construction time was being lost each week as cranes and lifts on the site could not operate in bad weather.

[7][34] On 25 October, Sanoyas Holdings Corporation president Takashi Ueda announced that the company was aiming to reopen the attraction in ten weeks time.

Melbourne Star Management Group CEO Chris Kelly was quoted as saying "We are working to the earliest possible opening date.

[38] On the evening of 26 December, three days after the reopening, the wheel was stopped for several minutes while a cabin was inspected and taken out of service after passenger Marco Bresciani discovered a cracked window.

Our technical services team are undertaking a comprehensive investigation to identify and correct the issue and we are expecting to resume operations later today.

[45] On 6 September 2021, the MB Star Properties announced that due to the COVID-19 pandemic, travel restrictions and high-rise development in the surrounding area, the wheel was closed permanently.