It was founded in 1990 by businessman and former racecar driver Chip Ganassi from the assets of Patrick Racing to compete in the CART IndyCar World Series.

A dominant victory with Montoya would foresee the team's permanent switch to the IRL (now IndyCar Series), where further championships would be won with Scott Dixon, Dario Franchitti and Álex Palou, including another four straight from 2008 to 2011.

4, 8, 9, 10, and 11 Dallara-Hondas for Kyffin Simpson, Linus Lundqvist, Scott Dixon, Alex Palou and Marcus Armstrong full-time.

In 2001, Ganassi bought a majority stake in Felix Sabates' Team SABCO NASCAR team, which had operated since 1989, marking his entry into that championship as Chip Ganassi Racing with Felix Sabates and inheriting that organizations history, while also partnering to compete in the Grand-Am Rolex Sports Car Series.

[4] The NASCAR program fielded full-time entries for notable drivers including Kyle Petty, Joe Nemechek, Sterling Marlin, Jimmy Spencer, Casey Mears, Juan Pablo Montoya, Jamie McMurray, Kyle Larson, Kurt Busch and Ross Chastain Together, they have won 16 Open Wheel titles (4 in CART, 12 in IndyCar), 5 Grand-Am sports car championships, and wins in the Indianapolis 500 (Five times), Daytona 500, Brickyard 400, 24 Hours of Daytona, 12 Hours of Sebring, Petit Le Mans and a 24 Hours of Le Mans class win, and over 200 wins across all categories.

He signed former Formula One driver Eddie Cheever and raced full-time in the IndyCar World series with Target as the primary sponsor.

In 1992, Ganassi expanded to a two-car effort for the Indy 500, adding Arie Luyendyk for the Indy-only entry.

Luyendyk won the pole position for the Indy 500 and finished second to Fittipaldi, Ganassi's former driver in his partnership with Patrick.

In 2001, they returned to Indy with Vasser, Bruno Junqueira, Nicolas Minassian, and NASCAR's Tony Stewart, who would also compete in that evening's Coca-Cola 600.

[10] Shortly before the conclusion of the season it was announced that Wheldon would not return as Dixon's teammate in 2009, a role taken by 2007 IndyCar Champion and Indy 500 winner Dario Franchitti of Scotland.

[13] For 2011, Ganassi expanded, to add an additional 2-car team for Graham Rahal and Charlie Kimball housed in the race shop of NHRA drag racer Kenny Bernstein.

Despite the title, Ganassi was dealt a major blow when Franchitti was medically forced into retirement following a crash at Race 2 in Houston.

Dixon would claim his fourth title in a tiebreaker with Juan Pablo Montoya on the strength of three wins at Long Beach, Texas, and Sonoma.

2016 would be a down year for the team, with Dixon winning twice at Phoenix and Watkins Glen, while Kanaan had only two podiums while Chilton and Kimball struggled.

For 2018, Ganassi would downsize to two cars, with Kimball and Chilton taking their sponsorship over to Carlin due to the team's cost-efficiency.

Scott Dixon started the delayed 2020 season very strong, winning the first three races at Texas, Indianapolis, and Road America.

For 2021, Felix Rosenqvist left the team to join Arrow McLaren SP with Alex Palou taking his seat.

On December 20, 2006, Chip Ganassi Racing announced that it would field an Indy Lights team for the first time in 2007, with drivers Chris Festa and Pablo Pérez.

The team partnered with Integra Motorsports in 2007 and 2008 fielding a variety of development drivers, notably New Zealanders Marc Williams, and Jonny Reid.

Also in 2008, Chip Ganassi Racing won their 3rd Grand-Am Championship, with drivers Scott Pruett, and Memo Rojas.

Also participating was Memo Rojas, the first Mexican to win a major Road Racing title in North America.

Ganassi's Grand-Am Series team started 2011 in the best possible fashion, earning a one-two finish in the Rolex 24 Hours of Daytona endurance race.

[19] CGR would field a Riley-Ford Daytona Prototype in the inaugural season of the merged United SportsCar Championship for Scott Pruett and Memo Rojas, winning three races.

For 2016, the team would move to the GTLM class with the brand new Ford GT, and thus the Daytona Prototype programme officially disbanded.

Ganassi expressed plans to start a team in the AMA Supercross Championship, but in late 2014, Ganassi attended the Global RallyCross Championship's season-ending race in Las Vegas, and as a result, expressed interest in fielding a GRC team.

The team hired former JR Motorsports NASCAR driver Steve Arpin and 13-time X Games medalist Brian Deegan to run the No.

[30] Lucas Oil Off Road Racing Series champion Kyle LeDuc joined CGR in July.

[31] In December, Sycamore Entertainment signed a multiyear sponsorship deal with CGR, where the team entered the 2021 season as Segi TV Chip Ganassi Racing.

[32] In January 2021, GMC announced a multiyear sponsorship deal with CGR which sees the team rebranded as GMC Hummer EV Chip Ganassi Racing and the team's Spark ODYSSEY 21 body styled as the Hummer EV for the 2022 season onwards.

[33][34] CGR's Extreme E team picked up their first series victory on July 7, 2022, with Price becoming the first woman in the organization's history to drive a race-winning car.