In early 1904, a group of Chilean racing and equestrian enthusiasts, including breeders, owners, trainers and fans were given the task of developing a racecourse. This new racecourse, under the guidance of Don Pedro del Rio Talavera, held its first race meeting on September 19, 1904, on leased land, located in the southern part of the Trench of Aguada. It was soon decided to buy a property in the north of Santiago in an area known as La Palma, located in the area that is now known as Independencia. On 1 December 1905, work began on the construction of what is now Hipódromo Chile, and the first public meeting of races was realized November 15, 1906 with great success and attendance.

In order to give more status to its race meetings, the board of the institution created a set of early classic races, including the "Gran Premio Hipódromo Chile", a race that continues today and has gained international prominence. Along with Santa Laura Stadium, Hipódromo Chile is a sporting symbol of Independence. Its facilities are recognized and respected within the area and country, and is a major source of economic development for the more than 65,000 residents in Independencia.

Hipódromo Chile is a recognized member of the International Federation Horseracing Authoroties (IFHA) and of the OSAF (South America Organization for Thoroughbred Development).

Hipódromo Chile has one race track and two training tracks, all dirt surfaces and races are always run counterclockwise. Races are held every Saturday and every other Thursday. Racing is staged 86 days of the year at the racecourse, the maximum amount allowed under Chilean law. Racing is held year-round from January to December. Hipódromo Chile has 8 Grade 1 stakes races; 7 Grade 2 stakes races; 11 Grade 3 stakes races, and 15 Listed stakes races. 19 races are run each Saturday and 18 races on Thursdays. On the more important race days, always held on Saturday, 20 races are staged.