The stadium was built in 1927 for the needs of the then football club Yugoslavia. With grandstands of wood, it had a capacity of 20.000, mostly standing, places. During the World War II, FC Yugoslavia ceased to exist, and on 4th March 1945, FC Red Star Belgrade was formed. In December 1959, Red Star played the last match at the old stadium. It was demolished to the ground and the construction of a new modern stadium, which was completed in 1964, began. The new stadium`s capacity was an incredible 110.000 seats. Due to its grandiosity and capacity, it was compared with the then largest stadium in the world - Maracana in Rio de Janeiro. However, due to the rules of UEFA, and the obligations of seating positions in all grandstands, the stadium now has a capacity of 53.000 seats.
Within the stadium, there is the FC Red Star Museum which has been operating since 1985 - it was opened at the celebration of the 40th anniversary of the club`s existence. One of the most beautiful and most splendid sports collections in the world is presented on 400 square meters. The entire collection consists of over 1.400 exhibits (trophies, plaques, paintings), of which 680 trophies are exhibited and presented. Among the exhibited trophies is the trophy of the Cup winner of the European Championship, won by the Red Star in 1991, when it became the Champion of the World and won the Intercontinental Cup trophy.