The current Phillip Island circuit dates back to 1956, when it was constructed about 2 km from where the very first races, dating back to 1928, were held on the Australian island circuit.

The first races featured big Australian touring cars, but after the 1962 running of the Armstrong 500, the circuit surface was damaged and the event moved to the Mount Panorama circuit, where it became known as the now-famous Bathurst 1000 race.

The circuit closed between 1962 and 1967, reopening but only for a decade before closing again in the late 1970s, after which the main activities became farming.

In 1988 the circuit received a major refurbishment and reprofiling of the hairpin, resulting in Australian touring cars returning in 1990 for the first time since 1977. Since then, the circuit has been a regular fixture on the Supercars calendar.

The 4.45 km circuit is famous for its picturesque views of the Bass Straight sea, and also features notable changes in elevation, whilst it also holds an FIA Grade 3 licence.