The Coliseum opened in 1974 as a replacement for the aging Edmonton Gardens. While the Edmonton Oilers' ownership group, including Charles Allard, had initially pursued to construct their own arena, they backtracked and partnered with the Edmonton Exhibition Association (EEA, now Northlands)—the non-profit operator of Edmonton Gardens—after they expressed concern that Allard's proposed arena would "greatly impact and damage" the organization. The Association and others had made proposals for a downtown arena to replace Edmonton Gardens, but referendums on the matter were struck down by voters.

The 16,000-seat arena used the same architect and plans as Vancouver's Pacific Coliseum. A crane was placed on a circular track to help speed up construction. The final months of construction process in 1974 hit several setbacks, including strikes by steelworkers, cement workers, and elevator workers, and the last batch of 5,000 seats arriving only shortly before its inaugural event—the Oilers' home opener on November 10, 1974, against the Cleveland Crusaders. After its first game, the Coliseum received positive reviews by visitors and sportswriters. The EEA held an official grand opening event open July 1, 1975.

By the early-1990s, the Coliseum had begun to lag behind newer NHL arenas in terms of amenities such as luxury boxes. Amid financial turmoil, including the team having signed away multiple star players (such as Wayne Gretzky), team owner Peter Pocklington threatened to re-locate the Oilers unless he was given full control of the Coliseum and all of its revenue, and could build luxury boxes in the arena. In 1994, he reached a rent agreement with Northlands valued at $2.8 million per-year. The agreement contained clauses requiring the Oilers to remain in Edmonton for 10 years, and requiring that the team be offered to local investors for a fixed price of US$70 million within 30 days if a current or proposed owner announces an intent to re-locate the team.

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