Capacity of the stadium has varied with time, but peaked at about 22,000 in the 1950s although, with the use of temporary bleachers, a record crowd of 27,425 watched the Edmonton Eskimos defeat the Montreal Alouettes 50–27 in the 1956 Grey Cup final.

Perhaps the most famous Canadian football game played in the Stadium was the 1950 Mud Bowl for the Grey Cup championship.

During the 1976 Summer Olympics, Varsity Stadium hosted several soccer matches, and was the site of the semi-final game between Brazil and Poland.

In mid-1986, Varsity Stadium played host to the World Lacrosse Championships, a tournament featuring the United States, Canada, England, and Australia.

They returned in 1993 as a member of the American Professional Soccer League but again were forced to move, this time to Lamport Stadium, again due to financial difficulties.

During the demolition and re-building of the site Toronto Varsity Blues relocated to Birchmount Stadium in Scarborough.

A plan to build a new 25,000 seat multi-purpose stadium on the site in 2005 was voted down by the governing council of the University of Toronto due to concerns over its cost.

Facilities and features built in the first phase of the stadium's reconstruction include an IAAF Class II 400m eight-lane track, artificial field turf (FIFA 2 Star rated surface by Polytan), and a winter bubble enabling use during inclement weather.

The multi-use capability was one of the main reasons that the plan was passed by the governing council, as opposed to the 25,000-seat stadium.

Performers included: The Doors, Plastic Ono Band, Bo Diddley, Chicago Transit Authority (later renamed "Chicago"), Tony Joe White, Alice Cooper, Jerry Lee Lewis, Chuck Berry, Cat Mother & the All Night Newsboys, Gene Vincent, Junior Walker & the All Stars, Little Richard, Doug Kershaw, Screaming Lord Sutch, Nucleus, Milkwood, and Whiskey Howl.