The building was first opened in 1939 but it was quickly called upon for other purposes. Throughout World War II, the Ice Stadium acted as a store for guns, bullets and other ammunition produced at the nearby Royal Ordnance Factory.
When the war ended, the building soon returned to being a recreational and ice sport building. A year after the end of the war, the Ice Stadium became the home of the Nottingham Panthers ice hockey team, who would use the facility until it closed, albeit with a twenty year break.
When the Panthers shut down in 1960, the rink continued to be used for ice skating and some other ice sports and would be where Torvill and Dean would practice in their early years.
The Panthers were re-established in 1980 and the Ice Stadium became renowned as one of the most intimidating places for opposition ice hockey teams to visit.
In 1996, plans were announced to replace the aging building with a modern arena and a new skating pad. The Nottingham Ice Stadium was closed after 61 years in 2000. The Panthers played their final game at the Ice Stadium against the Newcastle Jesters, which was lost 2-1 in overtime. The building was demolished soon afterwards to allow for the completion of the National Ice Centre