The event has long been considered one of the Indianapolis 500 traditions, along with the Hoosier Hundred and Little 500, which are also held over the same weekend at different venues in Indiana.

The headline event was a double feature of Midget car racing sanctioned by the AAA Contest Board, held the night before the 1946 Indianapolis 500.

The racing typically continued well into the overnight hours, ending sometimes after 2 a.m. After the first feature, the grandstands were emptied, and the fans were required to exit the gates.

Templeman had failed to qualify for the Indianapolis 500 that year, and pocketed about $1,500 in prize money for the three-race sweep.

The Night Before the 500 twin 50-lap Midget races were rained out on Sunday May 27 and initially rescheduled for June 17.

[2] However, a scheduling conflict saw the event rescheduled a second time until July 4 and the race was renamed the "Firecracker Fifties.

For 1979, a one-time doubleheader of two separate Midget racing events were scheduled for the same day (Saturday May 26).

[6][7] The first event was held at Indianapolis Raceway Park, a doubleheader of the USAC Midgets and the Formula Super Vee-based Mini Indy Series.

The management at IRP decided to move their event to the daytime due to the rising cost of lighting the track.

Later in the evening, a second USAC Midget event was scheduled across town at the Indianapolis Speedrome, and was held under the traditional name Coca-Cola Night Before the 500.

In 1980, IRP completed an improvement project which included new lights, and the Night Before the 500 classic was moved back to the facility permanently.

[10] In addition to the traditional Midget feature, various support races began being scheduled as part of the evening.

Drivers such as Ken Schrader, Jeff Gordon, Ryan Newman, Kasey Kahne, Jason Leffler were among those with wins in the midget feature.

[13] It was decided to move the event permanently to Friday night of Memorial Day weekend.

The move made for four USAC events over four consecutive nights, leading up to the Indianapolis 500 on Sunday.

After former winner Dave Steele's death, the track began starting in 2018, to name the event in his memory.

After AAA withdrew from racing, the Night Before the 500 feature event became part of the USAC Midgets national championship series.