The ground was opened on 10 March 1963 when Levski Sofia hosted a Bulgarian championship match against Spartak Pleven, winning 4-0.

The stadium then had a grass field with dimensions 110 х 80 m, an athletics track, seating capacity of 38,000 and additional terraces for standing spectators.

In 1990, the stadium was renamed after the legendary forward of the club Georgi Asparuhov who died in a car accident in 1971.

In 1992, the stadium was closed for a major reconstruction that would redevelop the venue into an all-seater one, eventually allowing international football matches to be played there.

During the redevelopment, the football club played its home matches at the Vasil Levski National Stadium.

In 2006, a new scoreboard was installed in a frame with the shape of the Cyrillic letter L (Л), signifying the symbol of Levski Sofia.

Initially planned to be executed in three stages, starting with Sector A, with the estimated capacity of the venue after full reconstruction was expected to be between 28,000 and 30,000.

[7] Levski Sofia holds the Bulgarian and European record for the longest unbeaten run at home stadium.