TMS features numerous amenities, including the world's largest HD video screen, a Speedway Club overlooking the first turn, and a 10-story building dedicated for office space and condominiums.

In the early 1990s, the newly incorporated and rising Speedway Motorsports and its founder, Bruton Smith, sought to build a major racetrack west of the Mississippi River, deciding on the Dallas–Fort Worth metroplex in 1994 with eventual longtime track general manager Eddie Gossage.

[8] The intersection has seen criticism since the track's construction; in 2010, Denton County officials announced the widening of Highway 114 in response to traffic within the area.

The Lone Star Tower broke ground in 1996[13] and completed in early 1998,[14] with the building costing Texas Motor Speedway around $25 million in taxes.

[16] By the next year, the speedway made efforts to fill up the tower's office space of a combined 100,000 square feet.

[33][34] Although NASCAR eventually returned in 1979,[35] heading into the 1980s, the track faced a lack of stable and modern infrastructure along with attendance issues.

Smith employed the help of then Vice President of Public Relations at the Charlotte Motor Speedway, Eddie Gossage, to find a suitable location for the track.

[38] By November 18, 1994, the Fort Worth Star-Telegram reported that Smith and Gossage had made their final choices in either of the two remaining places.

The land impressed the duo,[38] and by November 30, the Star-Telegram reported that the two were planning to build a 150,000-capacity speedway at a cost of around $75,000,000 (adjusted for inflation, $154,176,022).

However, the capacity quickly grew in the initial planning stages; when Bruton requested that 5,000 seats be added, Gossage obliged.

[45] The plan met skepticism from open-wheel personalities such as Cary Agajanian[46] and Jimmy Vasser over the feasibility of such a system.

[47] By June 1996, Agajanian reported that the speedway had ditched plans to make a temporary wall, instead deciding to paint a line where the change in banking was.

Gossage and Bruton countersued on September 9, claiming that majority owner Jack Holland was trying to "squeeze and extort money" from them.

[62] The next year, during a NASCAR Craftsman Truck Series race, the track oversaw its first fatality when driver Tony Roper crashed on the track's frontstretch,[63] suffering a fatal basilar skull fracture that caused renewed controversy within NASCAR over driver safety.

[61] Under Gossage's tenure, TMS sparked numerous campaigns to promote the track, including training monkeys to sell souvenir programs,[73] starting a victory lane tradition of each victor firing blank six-shooters in post-race celebrations,[74] hiring an all-female pit crew to service a car,[75] and allowing British motoring television show Top Gear and one of its hosts, Richard Hammond, to film a segment for the show.

[79] Despite this, Gossage stated that he had no plans to repave the track in the short-term, sharing the opinions of drivers Jimmie Johnson and Carl Edwards.

[80] However, under the direction of SMI CEO Marcus Smith, the track announced the commencement of a repave in response to the drying issues.

In November 2019, Gossage made calls to "modernize" the speedway, including decreasing capacity from 135,000 to a range from 80,000 to 90,000, along with better internet services, a wider concession variety, and more suites.

[85][86] By 2020, Gossage was in talks with Marcus on retiring from his position, stating that he had grown upset at the IndyCar racing product on the newly-reconfigured track and consequences from the COVID-19 pandemic.

[10] On August 4, 2021, Marcus Smith announced that Rob Ramage, a Texas Motor Speedway executive and counselor, had been promoted to replace Gossage as general manager.

[90] In an interview with D Magazine, Ramage pledged that the speedway would place a bigger emphasis on technology, including releasing NFTs and experimenting with augmented reality.

[85][94] In August, Ramage was removed as general manager after only one year, having been promoted to becoming SMI's vice president of government relations and deputy counsel.

SMI replaced Ramage with Mark Faber, who previously worked in Las Vegas as the T-Mobile Arena's senior vice president of global partnerships.

[96] Faber also announced the creation of the "No Limits Next" project, aimed at renovating the track and expanding Big Hoss TV.

[98] By July 2023, Faber also confirmed that the speedway and Marcus Smith were looking at repaving the track by using iRacing simulations.

[110][111] In 2000, a CART race was planned for 2001 but was canceled after it was found that drivers could suffer extreme vertical g-loads that could have led to death.

[112] The speedway later sued CART for breach of contract and settled for approximately $5–7 million, and races scheduled for 2002 and 2003 were canceled.

[115] In 2015, TMS held the seventh round of the 2015 Red Bull Air Race World Championship through the weekend of September 26–27.

[121] The latter was described by then-general manager Eddie Gossage as "the worst day of my life", who stated that the festival was extremely chaotic.

[128] As of November 2018, the fastest official race lap records at Texas Motor Speedway are listed as: