The speedway was built by a group of Philadelphia racing enthusiasts known as the National Motor Racing Association (NMRA) and the first race was held on June 12, 1926 (scheduled for May 31 but postponed by rain). Freddie Winnai of Philadelphia qualified in 42.40 seconds, a new world record for a one-mile (1.6 km) track, and went on to win the 50-lap main event.

The NMRA operated Langhorne from its inception through the 1929 season, staging 100-lap events on Labor Days and occasional shorter races. Difficulties in track preparation, management disputes, and poor attendance drove the speedway to the brink of bankruptcy until noted promoter Ralph "Pappy" Hankinson took over in 1930. Hankinson brought in AAA Championship 100-lap races and continued to stage shorter sprint car racing events on the circular track. One of the first stock car races in the northeastern U.S. was held at Langhorne in 1940; Roy Hall of Atlanta, Georgia, was the victor in the 200-lap event.

In 1941, Hankinson sold the track to stuntman Earl "Lucky" Teter after a falling out with the AAA. However, Teter's tenure only lasted until July 5, 1942, when he was killed while attempting his rocket car leap stunt at the Indiana State Fairgrounds. That same month, the U.S. government banned all forms of auto racing due to America's involvement in World War II. As a result, the speedway sat idle and did not host a race of any kind until 1946. Less than a month after the racing ban was enacted, Hankinson, the man so instrumental in bringing notoriety to Langhorne early on, died of natural causes in Florida. With a huge void created in the track's management, ownership of Langhorne Speedway was passed on to John Babcock and his family. Then in 1951, Irv Fried and Al Gerber became promoters.

Catering chiefly to USAC's Championship Car Division, Fried and Gerber had the track's layout reconfigured to a D shape in 1965 by building a straightaway across the back stretch and paving over the uneven dirt surface with asphalt. However, as suburban growth engulfed the speedway with Levittown being built up around the area, the offers from developers became too tempting to refuse. Fried and Gerber announced the sale of the property to mall developers in 1967, but the speedway held on through five more seasons. The final race held at Langhorne occurred on October 17, 1971, with Roger Treichler claiming the win at the national open for modified stock cars.