The event was established in 1999 with the support of then Premier of South Australia John Olsen as part of an effort to strengthen the state’s sporting calendar after the Australian Grand Prix moved from Adelaide to Melbourne, Victoria.

This race joined the UCI Women's World Tour in 2023 – the highest level of international road cycling competition.

[3] In 1993, it was announced that the Formula One Australian Grand Prix would move from Adelaide, South Australia to Melbourne, Victoria from the 1996 season.

In 2007, South Australian Premier Mike Rann and former tourism minister Jane Lomax Smith launched a campaign for the Tour Down Under to become the first race outside of Europe to secure ProTour status from the UCI, thereby guaranteeing the attendance of all the world's top teams.

[7] That campaign successfully led to the Tour Down Under being awarded ProTour status the following year, and joining the UCI World Ranking calendar in 2009.

[10] In 2013, it attracted more than 760,400 people to Adelaide and regional South Australia across eight days, including 40,000 interstate and international visitors who travelled there for the event.

[12] In November 2020, organisers confirmed the 2021 edition of the race would be cancelled due to logistical and quarantine complications arising from the COVID-19 pandemic.

[14][15] In September 2021 organisers confirmed that the Tour Down Under would be cancelled for the second consecutive year due to continued travel and quarantine restrictions affecting the ability for international teams to participate.

Grace Brown (FDJ-SUEZ) and Jay Vine (UAE Team Emirates) won the women's and men's races respectively.

The Santos Tour Down Under generally features stages through and surrounding Adelaide on terrain that ranges from flat to undulating and steep.

In 2024 the men’s race featured its most challenging final weekend to date, with ascents of both Willunga Hill and Mount Lofty designed to test the peloton.

Daily maximum temperatures approaching or exceeding 40 °C (104 °F) are not uncommon and often challenge riders, including many who travel direct to South Australia from winter in the northern hemisphere.

Certain vistas have become synonymous with the Santos Tour Down Under, particularly the Barossa’s rolling vineyards, the coastline around Aldinga on the Fleurieu Peninsula and the native bushland found on the slopes of Willunga Hill.

It features South Australian food and beverage experiences, amateur participation activities for children and adults, street parties and various other community events organised by host councils.

[24] Organizers decided to rest the Challenge Tour in 2024, instead offering a program which would feature more variety to suit a broader range of cycling interests and abilities.

The race convoy is led by a car bearing the event’s mascot Oppy, who was named for Australian cyclist Hubert Opperman.