In 1996, International Speedway Corporation (ISC) began exploring options to build a speedway facility in the Midwest region. In 1997, Wyandotte County and Kansas City, Kan., were selected as the site for the new speedway. Located at the intersection of interstates 70 and 435, construction began in May of 1999 of the 1.5 mile tri-oval and 75,000 seat Kansas Speedway. At the Construction Celebration, NASCAR drivers Bobby Labonte, Rusty Wallace and Kenny Schrader help kick off the event along with NASCAR President, the late Bill France, Jr., International Speedway Corporation (ISC) President and Chief Operating Officer, Jim France and ISC Executive Vice President, Lesa Kennedy. Also in attendance are Kansas Governor, Bill Graves and Wyandotte County and Kansas City, Kansas Unified Government Mayor/CEO, Carol Marinovich.

Kansas Speedway launched ticket sales in July 1999 through the sale of the Founding Fan P.A.S.S. (Preferred Access Speedway Seating). Baseball Hall of Fame Inductee and former Kansas City Royals player George Brett purchases the first Fan P.A.S.S., which allows fans to lock-in the best seat locations at the track as well as acquire benefits otherwise not available to the general public. In one day, all 32 luxury suites planned for the facility were sold out. The ISC Board of Directors approves funding for an additional 36 suites, increasing capacity to just under 82,000.

In May 2000, NASCAR and Indy Racing League announced they will bring events to Kansas Speedway for its inaugural racing season in 2001. 

Track paving began in September 2000 and construction in completed in early 2001.
In April 2001, Kansas Speedway hosted its first open test weekend. Hoosier Tires, the official tire of the ARCA RE/MAX Series, along with teams from the CART-sanctioned Dayton Indy Lights Championship test during the weekend. ARCA RE/MAX Series, NASCAR Busch Series and NASCAR Winston Cup Series driver Ryan Newman tested his Penske South ARCA car during a test at Kansas Speedway, reaching speeds in excess of 170 mph.

Kansas Speedway opened its gates in May of 2001 for Founding Fans during “Meet Your Seat Day” at the track. The Greater Kansas City Chamber of Commerce names Kansas Speedway a tourism leader. Great names in motorsports, including seven-time Winston Cup champion Richard Petty, his son Kyle Petty, former Winston Cup champion and NBC analyst  the late Benny Parsons, NASCAR President Mike Helton, Indianapolis Motor Speedway President Tony George, IndyCar great Al Unser Jr., attend the Kansas City Sports Commission's Kansas Speedway Kickoff Luncheon at Kansas Speedway.

In June 2001, Kansas Speedway opens its gates for the inaugural race weekend running the NASCAR Winston West Series Kansas 150 and ARCA RE/MAX Series BPU 200. 

The NASCAR Craftsman Truck Series and Indy Racing League make their debut at the July race weekend in 2001, marking the first time NASCAR and IRL ran on the same track during the same weekend.

In September 2001, NASCAR Busch Series and NASCAR Winston Cup Series racing comes to Kansas City, Kan., where a sold-out crowd watched Jeff Gordon win the first-ever NASCAR Winston Cup Series at Kansas Speedway.

In March 2002, Jeff Boerger is named Kansas Speedway president, replacing Grant Lynch.

In 2007, Kansas Speedway's traditional July 4th weekend races move to April.

On March 29, 2010, Pat Warren was named the president of Kansas Speedway, replacing Jeff Boerger. Boerger was promoted to president of Kansas Speedway Development Corporation.