The track is located on the site of the former Kaiser Steel mill. It is a relatively new race track, opening in early 1997, and has additional configurations and facilities to accommodate "road" races, motorcycle races, vehicle testing, and drag races (Auto Club Dragway). The racetrack is a stone's throw from the old Ontario Motor Speedway and the old Riverside International Raceway. After Riverside's closure in 1988, Southern California did not host a NASCAR race until California Speedway was opened. In addition to NASCAR, the raceway has also hosted open-wheel events from both CART and the Indy Racing League.

Like many modern oval tracks, California Speedway also features an infield road-course, which has been used by the Grand American Road Racing Association (GARRA) and by the Japanese Grand Touring Car Championship, with the JGTC race being unique as a night race. The GARRA Rolex Sports Car Series no longer races at California Speedway. The NASCAR West Series held its first race on the infield course, won by Jason Bowles.

California Speedway During the 1999 CART race, Canadian driver Greg Moore was killed in a crash along the backstretch of the track. It was determined that after sliding along the infield grass, Moore's car hit the edge of oncoming pavement, which caused the car to flip into a concrete retaining wall. This incident resulted in a major overhaul of the track, including the paving of the infield grass on the backstretch in time for the 2000 NASCAR event.

On October 28, 2000 during CART qualifying, Gil de Ferran set the track record for fastest lap at 241.426 mph (388.537 km/h).

On September 21, 2003 during an IRL race, Sam Hornish, Jr. set the track record for fastest average speed during a race at 207.151 mph (333.377 km/h).

In 2005, 20 year old Kyle Busch earned his first ever NASCAR NEXTEL Cup win at California Speedway. He is to date the youngest driver to win a race in the NEXTEL Cup Series.

The facility is often used for television shows and commercials, and for major films. In 2000, portions of Charlie's Angels were filmed at the speedway and in 2004, portions of Herbie: Fully Loaded were filmed there.