The track opened in 1962 as a 16-turn road course run clockwise. After only one year, the "Oak Tree Bend" series of turns (in the northeast corner) was removed due to being too slow. It was replaced by the "Thunder Valley" downhill straight, which remains to the present day. For 1963 and beyond, a 15-turn, 2.40 mi (3.86 km) layout was established. The back portion of the track allows speeds approaching 200 mph (320 km/h). A separate starting line and flagstand is situated on the backstretch to allow for safer and more competitive rolling starts. The regular start/finish line is located on the pit straight.

In 1990 the track underwent a refurbishment. A new retaining wall was built, the entire track was resurfaced, widened and concrete was paved in the apexes of the turns to prevent asphalt deterioration. In addition, a straightaway segment was paved through the chicane, allowing for two different track layouts, the original 2.40 mi (3.86 km) circuit and a new 13-turn, 2.258 mi (3.634 km) circuit which bypasses the chicane. Major series including CART/Champ Car, IndyCar, IMSA, and NASCAR have mostly elected to bypass the chicane, while motorcycles and amateur/club racing typically use the 2.4-mile layout (with the chicane).

In 2006 another major refurbishment saw several improvements. The entire circuit was repaved and the concrete patches in the turn apexes were removed. A new motorcycle "short course" was created by connecting turn one with the backstretch and another motorcycle/autocross oval was created by connecting the chicane straight with the backstretch. The additional layouts allow simultaneous use of the multiple courses, for instructional and competitive uses. The improvements also included a motocross facility, that has since been used for the AMA Vintage Motorcycle days event.

In 2019 the ARX came to the track which was the first time rallycross had come to the circuit. The course was a 10-turn, 0.7 mi (1.1 km) and utilized the keyhole section of the track.

The track was opened in 1962 by Les Griebling and several Mansfield-area businessmen as a location for weekend sports car racing. The track originally had 16 turns, with a left turn in what is today known as "thunder valley," but the turn was straightened after just one year of operation due to complaints of the track being too slow. The track hosted Can-am and F5000 through the 1970s and in 1980, it would host its first CART race with Johnny Rutherford taking victory with Chaparral.

In 1982 Mid-Ohio was purchased by Jim Trueman, a renowned road racer and the founder of Red Roof Inns. Trueman added permanent grandstands, amphitheater-style seating, garages with spectator balconies, a five-story media and hospitality center, tunnels and an updated paddock area. In addition, a tall, three-sided scoreboard tower was constructed in the infield, strategically placed such that it was visible from nearly all spectator areas around the track. In 1986 Trueman had died from cancer, making his wife and daughter taking over management for the facility. In 1989 Truman's daughter, Michelle Trueman, was named the president of the circuit in 1989 and saw day-to-day operations of the track.

In 1990 the track underwent a refurbishment. A new retaining wall was built, the entire track was resurfaced, widened, and concrete was paved in the apexes of the turns to prevent asphalt deterioration. In addition, a straightaway was paved through the chicane, allowing for two different track layouts, the original 2.400 mi (3.862 km) circuit and a new 13-turn, 2.258 mi (3.634 km) circuit.

In 2006 the track again underwent extensive renovation. The track and pit lane were completely resurfaced and connectors were added to the track's famed Keyhole section to allow for three separate road course configurations. Also completed was the removal of concrete patches from the track, the relocation of the wall and guardrail at Turn 1, the expansion of gravel traps at the exits of Turn 1 and the keyhole, the replacement of all remaining old-style catch fencing and the standardization of curbing throughout the circuit. These changes have resulted in a faster, safer, more competitive and attractive facility for drivers, riders and race fans.

The course had first hosted SportsCar racing in 1963 as part of the United States Road Racing Championship. The race was 168 mi (270 km) and was won by Ken Miles. The race would be held until the race series was folded in 1968, but the race would return as a 6-hour enduro under the IMSA GT championship in 1972. The track would also hold the U.S. Formula 5000 series from 1970 to 1976 and was replaced by the revived Can-Am series in 1977–1980. The track continued to host IMSA GT until 1993, and would not return until 2000 with Grand-Am Rolex Sports Car Series. The track would also add the American Le Mans series the next year. The track continued to host the two series until 2012 when ALMS dropped the race, Grand-Am would follow suit the next year. In 2018, track would host the WeatherTech SportsCar championship.

Mid-Ohio would host its first CART race in 1980 as a 156 mi (251 km), 65 lap race. There would be a brief hiatus as the race would not return until 1983, and the race would be extended as a 200 mi (320 km) race. CART appeared annually until 2003, when CART president Chris Pook hinted at dropping Mid-Ohio from the CART schedule going forward, citing various issues. For many years, Mid-Ohio was on the schedule alongside the Grand Prix of Cleveland, and Pook stated it was not viable to have two races in such close proximity, and favored keeping the race at Cleveland instead. In addition, some observers felt that the powerful Champ Cars had "outgrown" the narrow, winding course, citing a lack of passing and competition over the previous several years. The race would return in 2007 under the Indy racing league and would partner as a doubleheader with the American Le Mans Series until 2012 when ALMS dropped the circuit from the calendar. The race has also featured support series such as the Road to Indy, Global Mazda MX-5 Cup, and Stadium Super Trucks.[3] In 2015, hometown favorite Graham Rahal won at Mid-Ohio for the first time, thirty years after his father, Bobby Rahal, won his first race at the track. Scott Dixon has the most wins at the track with six.

• April: F2000 Championship Series, Atlantic Championship
• June: TCR World Tour, Michelin Pilot Challenge, IMSA VP Racing SportsCar Challenge, Global MX-5 Cup, Trans-Am Series, Formula Regional Americas Championship, F4 United States Championship, ARCA Menards Series Zinsser SmartCoat 150, Sportscar Vintage Racing Association
• July: IndyCar Series Indy 200 at Mid-Ohio, Indy NXT, USF Pro 2000 Championship, USF2000 Championship, USF Juniors
• August: MotoAmerica
• September: ChampCar Endurance Series

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