The arena is owned by the city of Saint Paul and operated by the Wild's parent company, Minnesota Sports & Entertainment.

The push for a new arena in Saint Paul grew after the National Hockey League's Minnesota North Stars moved to Dallas.

Saint Paul courted the Hartford Whalers and Winnipeg Jets under Mayor Norm Coleman, but the Civic Center was an obstacle to both deals.

[8] In 2006, the Twin Cities were selected as the hosting metropolis for the 2008 Republican National Convention, and the arena was chosen as the main venue.

In 2010, ESPN magazine listed a Minnesota Wild game at Xcel Energy Center as the third-best stadium experience in North America.

The second features a lighthouse that houses a foghorn that is blasted when the team takes the ice before games, for all Wild and Frost goals, and after a victory.

Before it opened, the arena installed an integrated scoring, video, information and advertising display system by Daktronics.

The campus of Xcel Energy Center, Saint Paul RiverCentre, and The Roy Wilkins Auditorium has three world-class certifications: The Xcel Energy Center and Saint Paul RiverCentre campus is the world's first complex to receive all three of those certifications.

Some of the steps taken to achieve these awards are: In addition to the efforts made by staff, Xcel Energy Center has partnered with the NHL to join Change the Course, a national initiative promoting water conservation and restoration.

[30] The venue formerly hosted the Big Ten Men's Ice Hockey Tournament, alternating with Joe Louis Arena in Detroit.

[33] On April 26, 2015, the Wild clinched a playoff series at the arena for the first time, defeating the St. Louis Blues 4–1 in game six of the Western Conference Quarterfinals.

Some of these include Taylor Swift,[36] Olivia Rodrigo,[37] Lady Gaga,[38] Katy Perry,[39] Imagine Dragons,[40] Elton John,[41] Pink,[42] Madonna,[43] Pentatonix,[44] Kelly Clarkson,[45] Ariana Grande,[46] Post Malone,[47] Beyoncé,[48] Shania Twain,[49] Iron Maiden[50] and Bruno Mars.

In 2013, the state legislature passed an omnibus jobs, housing and commerce bill that included forgiveness of the remaining $32.7 million loan to Xcel Energy Center.