The Owosso Speedway was founded in September 1937 by four local businessmen: Lysle May, Cecil Mead, Edward Sedlack, and James Morrison. Initially, they aimed to build a half-mile high-banked oval but pivoted to a quarter-mile dirt course due to resource limitations. Racing began in 1939 but was halted during World War II when the Speedway was repurposed as a POW camp. After the war, the half-mile oval was completed, and the Speedway set world records for the fastest half-mile dirt track. Over time, it alternated between dirt and pavement.

In 1988, the Speedway was revitalized by Elmer Simko, and the track was transformed into a 3/8-mile progressively banked oval, which remains in use today. In 2022, the Wheeler family (Rex and Sarah) purchased the Speedway, investing in its improvement by resurfacing the track with advanced asphalt technology. The Wheeler family plans further enhancements for the historic facility.