As early as the 1950s, State was looking to replace its on-campus facility, Riddick Stadium. The concrete-and-wood stadium had been built in 1907 and was showing its age. It never held more than 23,000 seats (14,000 permanent) at any time. Partly because of this, many of longtime coach Earle Edwards' teams played more games on the road than at home. At Edwards' urging, school officials began a concerted effort to build a more modern facility.

The new stadium finally opened in 1966. It was originally named Carter Stadium, in honor of Harry C. & Wilbert J. "Nick" Carter, both graduates of the university. They were major contributors to the original building of the stadium. The name of Albert E. Finley, another major contributor to the university, was added in September 1979.

While located on University land, the stadium is a few miles to the west of the academic campus on Trinity Road, just off Hillsborough Street.

Home of the North Carolina State Wolfpack, Carter Finley Stadium opened in 1966. Plans for a new stadium for the Wolfpack first came about in the early 1960s to replace Riddick Field. Those plans came to a reality when the 51,500 seat Carter Finley Stadium opened on October 8, 1966. Built at a cost of $3.7 million, the stadium is named after Harry and Nick Carter and A.E. Finley. The main grandstand consists of a lower deck in the shape of a horseshoe with upper decks on both sides of the stadium.

In 2006 Carter Finley Stadium underwent a $40 million expansion. This included the construction of 28 skyboxes and a new press box atop the west side upper deck, enclosing the north side with 22 skyboxes and a new $5 million building on the south side that houses football operations. This $5 million building, the Murphy Center, provides training, medical and academic assistance to NC State athletes. This expansion project added the three level Wolfpack Tower that houses 51 luxury suites and 955 club seats. The Red Zone project, a $21 million project, includes 3,776 club seats and new bleachers for the band, students and the public. This project was completed by the 2006 season increasing the seating capacity at the stadium to 58,000.