The mammoth octagonal building lies just northwest of the Tennessee River, and just southwest of Neyland Stadium.

In August 2006, ground was broken for the Pratt Pavilion, a basketball practice facility to be located adjacent to the arena.

Renovations included black seats, a center hung scoreboard, and concourse refurbishments, such as graphics and other amenities.

Phase I was finished in late October 2007 with an opening game against the Temple Owls of the Atlantic 10 Conference.

Phase II is scheduled to include a new lighting system, new ticket kiosks, and new food courts.

On February 5, 2009, history was made at Thompson–Boling Arena, as the Tennessee Lady Vols defeated the Georgia Bulldogs 73–43, to give head coach Pat Summitt her 1,000th win.