In the 1960s, Windsor Raceway owner Lawrence LoPatin ordered the construction of Michigan International Speedway to expand his recreational holdings.

In 1973, American Raceways sold ownership of the speedway to motorsports businessman Roger Penske, who saved the facility from financial ruin.

MIS underwent major downsizing in the 2010s in efforts to modernize the facility, with capacity decreasing to more than half of its peak.

As part of the original construction plan, a road course designed by British racing driver Stirling Moss was made.

After a visit to the Florida-based Sebring International Raceway, he decided that the first phase of expansion would include the construction of a "Grand Prix type auto-racing track, from 2.5 to 2.9 miles in length.

"[8] After studying several markets, he decided to build a racetrack that would serve the Detroit, Cleveland, and Chicago areas.

Although groundbreaking was scheduled to start on October 1,[10] the plan was killed that same month due to mounting opposition from local residents.

[12] In April 1967, the site was revealed to be in Lenawee County in Cambridge Township,[13] with LoPatin later stating in a press conference the following month that he hoped to start construction on the track in the next 90 days pending the formation of a financing plan for a budget of $4 million.

[15] To finance the facility, track officials filed a registration statement in October to publicly offer common stocks and debentures that totaled approximately $3 million.

[16][17] Groundbreaking on the Michigan International Speedway (MIS) occurred on September 27, 1967, with British racing driver Stirling Moss commencing construction.

[24] MIS opened as scheduled on October 13, 1968, with Ronnie Bucknum winning the first ever race at the facility amidst a crowd of 55,108.

[28] In the following months, LoPatin striked numerous business deals to grow what would eventually become American Raceways, Inc. (ARI).

[35] The first NASCAR Cup Series race at MIS was ran on June 15, with Cale Yarborough winning the event.

[38] American Raceways' troubles were soon publicized after their director of operations, Les Richter, left the company.

[40][41] In addition, LoPatin entered into a dispute with NASCAR founder Bill France Sr. over how stock car racing should expand its popularity.

[47][48] LoPatin was fired from his position as chairman of ARI on July 30, 1970, on the condition that the company continue its commitments to running the remaining events at ARI-owned tracks the following month.

[50] Although MIS track officials stated optimistic hopes of revitalizing ARI by ending its mass expansion and cancelling the proposed New Jersey project,[51] in October, Manufacturers National Bank initiated foreclosure proceedings to pay off over $1 million in overdue mortgage payments, with local Michigan law stating that the speedway had to be sold at a sheriff's auction in order to pay off the overdue payments.

[65] Upon the purchase's approval, Penske stated in a press conference that he aimed to renovate the garage area and numerous spectator amenities along with repaving the oval's surface.

[66][67] General manager Frank Cipelle left his position soon after Penske's purchase, being replaced by John LeFere.

[70] By the next year, Penske proclaimed in the Detroit Free Press that MIS had the "greatest potential of any track in the U.S.", with Penske stating in an interview with the Free Press' Joe Falls that he aimed to expand seating capacity if attendance remained high.

"[85] In 1992, Clifford Allison became the second fatality to occur at the facility when he crashed during a practice session for a NASCAR Busch Series race.

[87] Melvin left soon after to become the president of Championship Auto Racing Teams (CART), being replaced by United Airlines executive Rick Nadeau in November 1979.

[100] In 1996, MIS renamed itself to Michigan Speedway in order to be named similar to other tracks Penske owned.

[101] On July 26, 1998, three fans were killed and a further six were injured during a Championship Auto Racing Teams (CART) event when a crash involving Adrián Fernández sent a tire into the grandstands.

[124] In October 2021, NASCAR's director of marketing for the American Midwest, Joe Fowler, replaced a resigning Rick Brenner to become the track's general manager.

[141] As of June 2019, the fastest official race lap records at Michigan International Speedway are listed as: