The arena replaced McNichols Sports Arena as the home of the Avalanche and Nuggets. Groundbreaking for the arena was held on November 20, 1997, on the 4.6-acre (19,000 m2) site. Its completion in October 1999 was marked by a Celine Dion concert. Also included in the complex are a basketball practice facility used by the Nuggets, and the Breckenridge Brewery Mountain House, a restaurant accessible from within and outside the Center itself. The atrium of the building houses a suspended sculpture depicting various hockey and basketball athletes in action poses.

Prior to the 2013–14 season, the octagonal scoreboard that was in use since the arena's opening was replaced with a new four-sided rectangular scoreboard. The two center faces measure 27 by 48 feet (8.2 m × 14.6 m) long, while the two end faces measure 21 by 25 feet (6.4 m × 7.6 m) wide.

From its opening through 2020, the naming rights to the arena were held by PepsiCo, under which it was known as Pepsi Center. On October 22, 2020, the naming rights were sold to Westminster-based Ball Corporation as part of a global multi-year agreement with Kroenke Sports & Entertainment (KSE), which also makes it the exclusive "sustainability partner" of the arena. As part of the agreement, all KSE-owned sports teams and venues will employ recyclable aluminum products provided by Ball to reduce plastic waste, with Ball Arena to transition to serving concessions in aluminum packaging by 2022

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