The 20,000-seat stadium hosts the historic Texas Relays annually in April, as well as the University Interscholastic League track and field state championship in May.

In 1996, plans were made to construct the stadium in response to the need to expand Darrell K Royal–Texas Memorial Stadium and convert it to a football-specific facility, the desire to move track and field events to a venue that was more fan and athlete friendly, and the need to construct an appropriate on-campus facility to house the varsity soccer program begun in 1994.

The stadium is named for Mike Myers, a residential community developer who lives in Dallas, who is also a graduate of UT's law and business schools, in recognition of his $3 million donation to finance construction.

ESPN's College Gameday was on hand at Myers Stadium on October 22, 2005 to preview and discuss the football game versus the Texas Tech Red Raiders and again on September 9, 2006 against the Ohio State Buckeyes.

The Gameday set was situated to take advantage of the dramatic views of downtown Austin and the UT Tower from the stadium.