They have competed in 15 NCAA Tournaments, making it to the Elite Eight once (1965) and the Sweet Sixteen six times (1965, 1974, 1988, 1993, 2004, and 2007).

It was dedicated as the campus memorial to students and alumni killed in World War II; a plaque commemorating those who died is displayed in the gym's north lobby.

At the time of the gym's construction, there was a serious discussion within the Vanderbilt community about whether the school should de-emphasize intercollegiate athletics and refocus on its academic program.

As a compromise between those who advocated increased athletics competition and those who argued in favor of de-emphasis, the gymnasium was built to hold only about 9,000 seats, and it would be readily adaptable to other uses—significantly, as a possible concert hall.

The end-of-the-floor bench location is now unique in major college basketball, and SEC coaches who travel to Memorial, along with coaches from other schools who have played at Vanderbilt as a post-season venue, have said that the unusual setup gives Vanderbilt a tremendous home court advantage, since no other facility in which opponents play is arranged in such a way.

Vanderbilt defeated Nashville YMCA in a score of 9-6, on 7 February 1893, in the first college basketball game played in history.