Construction began on Fair Park Stadium in 1930 on the same site as the wooden football stadium before known as Fair Park Stadium. Completed that year, the first game in the stadium was between Dallas-area high schools in October 1930. The original stadium–the lower half of the current facility–was built for a cost of $328,000 and seated 45,507 spectators. The name was officially changed to the Cotton Bowl in 1936.

In 1948, a second deck was added to the west side, increasing capacity to 67,000. The east side was double-decked the following year, increasing capacity to 75,504. These decks were added to respond to the demand for fans to watch SMU halfback Doak Walker, leading the Cotton Bowl to be known as "the house that Doak built." The superstructure was also built at this time, creating the distinctive facade for the stadium. In 1968, chair-backs were installed, reducing capacity to 72,032. In 1970, the Cotton Bowl installed an AstroTurf surface, which remained until 1993.

In 1950, as a way to break the Texas League record for opening-day attendance, Richard Burnett got permission to play in the Cotton Bowl, which at the time could hold as many as 75,000. In order to draw a big crowd, he wanted a lineup of former stars to don Dallas Eagles uniforms and face one Tulsa hitter in the top of the first inning. Most of the retired stars were cool to the idea, except for then-current Dallas Eagles manager Charlie Grimm. When the legendary Ty Cobb agreed to come to Dallas, the others followed his lead. Preceding the game was a parade through downtown Dallas. "It was the pre-game show that got 'em", bellowed Dizzy Dean by way of self-congratulation. "Cobb, Cochrane, Home Run Baker, Speaker, and Ol' Diz in Dallas duds." The 54,151 who showed up were lucky enough to see Ty Cobb hit several balls into the stands, just to show he could still handle the bat. The Kilgore College Rangerettes drill team performed on the field prior to the game. Texas governor Allan Shivers threw out the first pitch. Defensively, the old-timer lineup of the Eagles were: Duffy Lewis in left field, Cobb in center field, Texas native Tris Speaker in right field, Frank "Home Run" Baker at third base, Travis Jackson at shortstop, Charlie Gehringer at second base, manager Grimm at first base, Mickey Cochrane at catcher, and former Houston Buffaloes star pitcher Dizzy Dean on the mound. Dean walked the leadoff batter for Tulsa, Harry Donabedian, on a 3-2 count, and then the regular Dallas players took the field. Dean got into an orchestrated rhubarb and was tossed from the game. The attendance figure still stands as the largest in Texas League history and second largest in the history of the minor leagues.

The Cotton Bowl hosted six matches of the 1994 World Cup. To meet FIFA requirements for these games the stadium field was widened, the press box was enlarged and natural grass was re-installed. The playing surface has remained natural grass ever since. Capacity was decreased to 71,615 in 1994 and to 68,252 in 1996. The Stadium also hosted the Gold Cup Soccer Matches in 1993.

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