Midnight Lute was bred by Tom Evans, Macon Wilmil Equines & Marjac Farms, Inc. and owned during his racing career by Michael E. Pegram and Watson and Weitman Performance, LLC.

Midnight Lute won the Grade 3 Perryville Stakes at Keeneland Race Course on October 13, 2006, in track-record time.

On October 27, 2007, Midnight Lute scored the most important victory of his career when he won the six-furlong Breeders' Cup Sprint at Monmouth Park, ridden by Garrett Gomez.

On October 28, 2008, it was announced that Midnight Lute would be retired to stand stud at Hill 'n' Dale Farms in Kentucky for an initial fee of $20,000.

[1] Midnight Lute was a finalist for the Eclipse Award's American Champion Sprint Horse for 2008, but with a final vote of 106 to 86 lost to Benny The Bull.