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This structure replaced the earlier Forum on this site, which had been used since Ontario Place opened in 1971. The new building, an open-air concert venue, opened in May 1995. The replacement theatre doubled the capacity of the Forum.
Ontario Place was a project designed to revitalize Toronto's waterfront. The site consisted of over 90 acres of artifically-made islands and lagoons. A break-water was formed using sunken ships. The theatre is located on the East Island of Ontario Place.
In 2017, the name was changed from Molson Amphiteathre to Budweiser Stage following a sponsorship change.
On May 14, 2019, Toronto City Council carried a motion to include Ontairo Place on the Heritage Property Register.