Stadio Olimpico was built to serve as the centrepiece of the Foro Italia sports complex, a project initiated by the regime of Mussolini.

Construction started in 1928 and a first tier had been finished in 1932. Works on the second tier were halted though due to the outbreak of the Second World War and were only resumed in December 1950.

Stadio Olimpico officially opened on the 17th of May 1953 with a match between the national teams of Italy and Hungary. Capacity amounted to 100,000 at that time, which constituted mainly of terraces.
Stadio Olimpico underwent a last refurbishment in 2007 to keep it eligible to host future Champions League finals. This included, among others, the replacement of all seats.