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The Indy Racing League was founded in 1994 by Tony George and began racing in 1996. The Indy Racing League’s early seasons consisted of sparse schedules, mostly unknown drivers, and novice-level teams, even in the Indy 500. Eventually the schedule expanded and the caliber of drivers improved. The Indy Racing League serves as the sanctioning body for the IndyCar Series and the Firestone Indy Lights Series which serves as a stepping-stone for drivers who aspire to compete in the IndyCar Series. The IndyCar Series is the name adopted in 2003 for the premier series of the Indy Racing League. Due to the legal settlement with Championship Auto Racing Teams, the Indy Racing League was unable to utilize the name until the beginning of the 2003 season. With the introduction of the Indy Pro Series in 2002, it was necessary to differentiate the two series. The Indy Racing League was created as an open-wheel oval track based series which included the Indianapolis 500 as the series centerpiece. The IndyCar Series was developed in an effort to preserve the traditions and excitement of American open-wheel racing. The sanctioning body developed a consistent engine package and chassis rules which have produced some of the closest finishes in any racing series. It initially attracted some of the smaller teams who believed in the vision presented by Tony George. In later years, the Indy Racing League has made a complete turnaround and boasts several top-dollar teams such as Team Penske and Target Chip Ganassi Racing.

The series initially raced exclusively on oval tracks, as the league was founded partly in response to the increasing prominence of road and street courses. In 2005, the series abandoned its unofficial ovals-only stance, and added three road/street course events (Watkins Glen, Infineon and St. Petersburg). For 2007, two more road/street events (Mid-Ohio and Belle Isle) were added. IndyCar Series drivers and teams compete for the IndyCar Series championship which includes a $1 million championship bonus. Championship points are earned by all participating drivers, with the driver with the highest number of points declared the champion. In January of 2008, Tony George created a proposal that included free cars and engine leases to Champ Car teams willing to run the entire 2008 IndyCar Series schedule in exchange for adding Champ Car's dates at Long Beach, Toronto, Edmonton, Mexico City, and Australia to the IndyCar Series schedule. This effectively reunited American open wheel racing. The IndyCar Series reaches 24 of America’s top markets with racing at a combination of superspeedways, short ovals, scenic road courses and temporary street circuits, like the event hosted at the Raceway at Belle Isle Park. This represents the most diverse schedule in racing.

The IndyCar Series made its Belle Isle debut in 2007 during Labor Day Weekend. Tony Kanaan eluded a late-race accident and second-place finisher Danica Patrick posted her best result of the season. Dan Wheldon of Target Chip Ganassi Racing rounded out the podium with his third-place finish. The race finish in Detroit set the stage for a hotly-contested IndyCar Series finale at Chicagoland the following weekend that saw Dario Franchitti edge Target Chip Ganassi Racing’s Scott Dixon for the title. In 2008, the series returns to the Motor City for the Detroit Indy Grand Prix presented by Firestone which will take place on Sunday, August 31st.

The IndyCar Series was the first motorsports league to sanction a renewable fuel. In March 2007, 100 percent fuel-grade ethanol's debut at Homestead-Miami Speedway was met with great success among drivers, consumers and media. The move to ethanol made the IndyCar Series the motorsports leader in using a renewable and environmentally friendly fuel, and fits with the Indy Racing League's long tradition of innovation in technology and safety. Many of the league's innovations are eventually incorporated into passenger vehicle design, benefiting drivers everywhere.