It was founded on March 15, 1988, with its first location in Tampa by Bob Basham, Chris T. Sullivan, Trudy Cooper, and Tim Gannon.

[2] It was owned and operated in the United States by OSI Restaurant Partners until it was acquired by Bloomin' Brands, and by other franchise and venture agreements internationally.

On February 17, 2024, Outback’s parent company, Bloomin’ Brands, announced the permanent closure of all remaining Hawaii locations, as part of financial restructuring, citing a significant decrease in profits.

With this new logo, Outback then went on an aggressive remodeling campaign, starting in 2008, renovating most of their locations, along with opening brand new ones, for a fresher, more modern look to their business model.

This included the removal of their iconic neon signs for more energy efficient LEDs, and the switch from a dark, rustic feel to a brighter, more vibrant look.

In April 2012, Bloomin' Brands, the current owner of Outback Steakhouse, filed with the SEC to raise up to $300 million in an initial public offering.

The company and its founders are major contributors, via the Outback Steakhouse PAC, to the Republican Party, contributing $303,015 and $334,197 for the 2000 and 2004 election cycles, respectively.

[19] The company was on Harvick's car from 2014 until 2018, including his championship in 2014, and in 2019 and until the COVID-19 pandemic in 2020, the steakhouse was a personal sponsor which kept the Blooming Monday promotion around still.

[20][21] In September 2023, Outback Steakhouse sponsored Stephen Mallozzi, who had previously worked as a server at the restaurant, for a NASCAR Craftsman Truck Series race at Bristol Motor Speedway.