Adventureland's history was conceived as early as 1970, when Des Moines businessman Jack Krantz had an idea to bring a Disneyland-style theme park to Iowa. He was inspired after taking his family to Anaheim, California years prior. The Des Moines homebuilder claimed that his inspiration came after spotting a large fiberglass pig on the side of the road near Manly, Iowa. His initial idea was for his children to sell snacks out of the pig-shaped stand during the summer, but the concept quickly expanded into something much grander. He ended up having a pig-shaped food stand added to the park, naming it Petunia.

Krantz organized business leaders from across Iowa to establish Adventure Lands of America, Inc. and draw up plans to build a major attraction. "We hope to attract people nationwide. We investigated the recreational facilities across the country and decided to build one here in Iowa. We hope it will be a big boost to the state. It will definitely be in the class of Disneyland and Six Flags Over Texas," Krantz said in 1971.

In April 1971, Krantz announced his plans for a 160-acre educational-recreational facility he called Adventure Land. The estimated cost of the planned resort complex was projects as $10 million (approx. $78.5 million in 2025). The plan was for more than just a theme park; it would also include a motor lodge, convention center, and campground. Krantz said that it would be "in the class of Disneyland and Six Flags Over Texas."

Original plans for the theme park included four sections. One was a Main Street section modeled after New England-style buildings with different shops. The adventure section would contain attractions such as a simulated trip to Iowa coal mines, a pirate ship, and jungle trips. Another section was to be devoted to kids with animated Mother Goose figures, and the fourth section was to feature Iowa manufacturers and their products as well as the manufacturers' progress from 1900 to modern times.

Construction of Adventureland Park began in 1973 on a site formerly occupied by a small airport in Des Moines, active in the 1920s until a larger municipal airport was built in 1933 at a different location. The area was later used for farming until Adventureland's construction broke ground. Its grand opening was scheduled for July 1974, but the park suffered light damage from a tornado, delaying the opening until late August.

The first full season began in 1975, and several rides were added that year. A wooden roller coaster called Tornado was added in 1978, named after the tornado that delayed the park's grand opening.

In 2002, Adventureland undertook an 8 million dollar project that nearly doubled the size of the hotel, adding a second courtyard, new pools with interactive water features and new poolside rooms and suites. It also added a new water ride in the park, a spinning white water adventure, called Saw Mill Splash. The ride is themed around an old saw mill and fits into the western motif of Adventureland's Outlaw Gulch area.

In 2006, Adventureland added two more rides, The Splash Over and Frog Hopper. Later that year in October, founder Jack Krantz died, and his sons and daughters took over the operations.

On February 20, 2010 (about 4:00 p.m.), a fire broke out in the toy store of main street after its roof collapsed due to the weight of ice and snow. The collapse caused an electrical fire. The fire went out of control and engulfed the corner portion of Main Street and destroyed the section that encompassed the bingo parlor, restaurant, toy store, games area and arcade. The fire was brought under control about an hour later and was completely extinguished an hour thereafter. None of the adjacent structures or rides were harmed and no one was injured. The buildings were destroyed so quickly because, due to their age, sprinklers were not required to be installed. The park opened as planned on April 24, 2010, with the east side of Main Street completely cleared to dirt surrounded by a chain link fence. Banners on the fence stated that "Plans are well underway to build Main Street back better than ever."

All of Main Street was rebuilt when the park opened in April 2011 and featured an even larger arcade with an indoor ride, and a smaller BINGO hall. The park's Scrambler ride, previously known as the Wrangler, was brought out of storage and moved to the G-Force's location after the G-Force was moved into the Main Street arcade. On December 15, 2011 (about 3:45 a.m.), another fire broke out, this time destroying the Rally Round corn dog stand. Crews said the fire had engulfed the structure when they arrived but they were able to put it out quickly. According to fire officials, an electrical transformer behind the corn dog stand was the cause. A larger food location would be built in its place.

On September 6, 2013, Adventureland posted on their official Facebook page that a new attraction called Storm Chaser would be added. A 3D rendering of the ride was posted on the page, as well as an interview with park officials, showed that the new ride is a Mondial WindSeeker model. Park officials also stated that it would be replacing the aging Silly Silo due to that ride's frequent down time and the company no longer making parts to fix it.

On July 8, 2015, Adventureland announced that they were adding a new roller coaster called The Monster, a Gerstlauer Infinity coaster and the first of its kind in the United States. It opened to the public on June 4, 2016, after park employee previews a few days earlier. It replaced the River Rapids log ride, which ran since the park first opened. The Monster features a unique nighttime LED light display made up of 137 track mounted fixtures that synchronize to the ride vehicles, and 46 ground lights. The Monster lighting system originator and designer, Mike Lambert, was recognized with (2) Illuminating Engineering Society (IES) Illumination Awards for Innovation in Design.

On September 20, 2017, Adventureland announced a new children's area called Bernie's Barnyard. It opened on July 20, 2018, with two family rides, a playground and kiddie arcade games. It replaced the Country Picnic area just behind the Storm Chaser.

On December 11, 2018, Adventureland announced on its Facebook page that it would be adding Phoenix, a $6 million spinning coaster from Maurer Rides. It opened on July 4, 2019, replacing the Inverter. It is the park's sixth roller coaster and the second-largest investment on a ride in the park's history, only behind Monster.

On May 17, 2020, Adventureland teased a picture of a knight slaying a dragon (reference to the park's 1990 O.D. Hopkins double looping rollercoaster, the Dragon). The same day, crews were spotted dismantling the Dragon and a new teaser was posted with the title "The Dragon Slayer." The coaster opened on May 29, 2021. The Splash Over was also removed in 2020 and replaced by a stage.

On September 8, 2021, Adventureland announced their plans to remove the Lighthouse, Lady Luck and Falling Star. In addition, Adventureland also announced 10 new attractions that will be coming next year including a Renaissance Fair. However, the plans to host the Renaissance Fair were later scrapped.

On December 21, 2021, it was announced that Palace Entertainment had acquired Adventureland.

Adventureland opened for the 2022 season on Saturday, May 14, with a ribbon cutting ceremony celebrating Palace Entertainment's new ownership of the park and the addition of nine new attractions. On June 20, 2022, Adventureland announced that it was expanding its season with the addition of Phantom Fall Fest later that year. The Halloween event would feature seven haunted attractions, including four haunted mazes and three scare zones. The mAlice in Wonderland haunted maze would be an upcharge for the 2022 season.

On August 9, 2022, Adventureland General Manager Bill Lentz announced during a press conference inside the park that two new Viking-themed rides would be coming for the 2023 season, called Flying Viking and Draken Falls. A ceremonial ground-breaking was held after the press conference. Adventureland unveiled the boats for Draken Falls with Zamperla during a press conference on the IAAPA Expo trade show floor on November 15, 2022. The rides both opened on Saturday, June 24, 2023 with a ribbon cutting ceremony with the park's new general manager, Mike Lusky, and mascot Bernie Bernard cutting the ribbon with a sword.

Adventureland's 50th-anniversary celebration kicked off on May 18, 2024, with a grand opening ceremony featuring Adventureland General Manager Mike Lusky and Iowa Lt. Governor Adam Gregg. It was held on the steps of the train station, in the same way Adventureland's grand opening was done in May 1975. Throughout the season, the park offered a variety of historical tributes, including throwback photos and a 50 Years Exhibit, which displayed the original Silly Silo sign. Additionally, Adventureland honored its past by repainting Petunia Pig gold, recognizing its role in inspiring Jack Krantz to build the park. The Falling Star Lounge was added with the lighted sign from the former ride added to the exterior of the lounge space and oversized black-and-white images of historic rides on the walls. Other highlights included the Festival of Decades, featuring different tribute bands and limited edition coins for each decade throughout July, and new dining options such as Oink’s restaurant, focusing on Iowa-sourced pork products.

Underground was reimagined for the 2024 season with upgraded animatronics, special effects, and an enhanced storyline. A special ceremony featured an actor portraying Sheriff Sam, who used a dynamite plunger box to "blast open" the mine. On Opening Day, riders received a limited-edition Daily Adventure newspaper, presenting fictional stories tied to the ride’s storyline. The refurbishment also included a new entry portal with an updated Underground logo. Underground remains the world's only fully enclosed wooden roller coaster.

In August 2024, Adventureland hosted its first-ever drone show, with three shows. Originally, Adventureland had planned to feature fireworks every Friday night throughout the summer as part of the Festival of Decades. However, Prairie Meadows, a neighboring horse track and casino, protested the plan to the Altoona City Council. In response, Adventureland planned a three-night drone show, August 16-18, which was the largest drone show of its kind in Iowa. Guests also got to help pick which rides would be featured in the show.

Adventureland welcomed its first-ever national American Coaster Enthusiasts (ACE) event on Saturday, August 17, 2024. The event, Preservation Con, gathered hundreds of coaster enthusiasts from across the country to celebrate historic roller coasters. During the event, ACE officially recognized Tornado as a Roller Coaster Landmark.

On March 18, 2025, Herschend Family Entertainment announced that it had signed a definitive agreement to acquire all of Palace Entertainment’s U.S. properties from Parques Reunidos. The transaction is still subject to customary closing conditions and is expected to close thereafter.