The arena was built under the Millennium Dome (renamed The O2), a large dome-shaped building built to house an exhibition celebrating the turn of the third millennium; as the structure still stands over the arena, The Dome remains a name in common usage for the venue.

The arena, as well as the overall The O2 complex, is named after its primary sponsor, the telecommunications company O2, a subsidiary of Virgin Media O2.

[8] On 18 February 2022 during Storm Eunice, large sections of the arena's fabric roof were shredded, causing the evacuation of 1,000 people, and the venue to close.

[9][10] It was later announced that repair works would take place and that the arena was likely to reopen on 25 February 2022, for a UB40 concert.

Artists such as Prince, Ariana Grande, JoJo Siwa, Blondie, Little Mix, Madonna, Olivia Rodrigo, The Killers, Linkin Park, Diljit Dosanjh, Gracie Abrams, Sabrina Carpenter, Twenty One Pilots, and Billie Eilish have headlined concerts at the venue.

Beginning in July 2009, Michael Jackson was scheduled to hold a 50-show residency at the arena, titled This Is It.

On 15 October 2022, the O2 hosted a boxing match between Claressa Shields and Savannah Marshall that was the first time two female boxers headlined at a major venue in the United Kingdom.

[19][20][21] Shields won, and the fight headlined the first all-female boxing card in the United Kingdom.