It was the first home of the major league American Association professional baseball franchise, the first to bear the name of the Baltimore Orioles I, during 1882–1888.

The first game scheduled for the new park was an exhibition against the Philadelphia Phillies on March 28, 1889, that was cancelled due to the muddy field.

Union Park was the Orioles' home when the club won three straight National League pennants and the championship Temple Cup twice.

There they were very successful, producing some remarkable and marketable players, including the local star Babe Ruth, who was sold to the Boston Red Sox as a pitcher, and later gained even greater fame as a home run slugger with that same New York Yankees franchise which had begun in Baltimore.

Terrapin Park was made of wood, which would prove to be its undoing, but its eventual demise would boost Baltimore's chances of returning to the major leagues.

Ruth put on a hitting exhibition, rocketing four home runs out of the ballpark, three of which were estimated to have traveled 500 feet (150 m) or more.

The Orioles enjoyed great success at this ballpark, especially from 1919 through 1925 when they won seven consecutive International League pennants.

On the night of July 3, 1944, a fire of uncertain origin (speculated to have been a discarded cigarette) consumed the ballpark and every object the team had on-site, including uniforms and trophies.

The club quickly arranged their temporary home in Municipal Stadium, the city's football field which had opened in 1922.

The large post-season crowds in 1944 at Municipal Stadium, which would not have been possible at the old wooden Oriole Park, caught the attention of the major leagues, and Baltimore soon became a viable option for struggling teams who were considering moving to other cities.

After operating for nearly four decades at Memorial Stadium, in 1992 the club moved downtown to a new baseball-only facility which revived the traditional local ballpark name as Oriole Park at Camden Yards.