Kent Buescher and his wife Dawn Buescher founded the park on a plot of farmland outside of Valdosta, Georgia. It was established in 1996 for around $10 million. Wild Adventures started as a small petting zoo known as Liberty Farms D&L (Distribution & Logistics ). The park now hosts six roller coasters and numerous flat rides. Rides were initially added to the park in 1998. Splash Island, the park's water park, opened in 2003 as the park's largest expansion which features a 100-meter drop double slide.

In 2004, the Adventure Park Group purchased Cypress Gardens in Winter Haven, Florida, a company that Buescher privately held. The expansion of the park was slowed down following the purchase of Cypress Gardens. In 2005, an S&S Power Screamin' Swing named Gauntlet was added. For the park's 10th anniversary in 2006, the park announced its intent to add the Shaka Zulu River Adventure log flume, relocated from the defunct Miracle Strip Amusement Park in Panama City Beach, Florida. However, the ride was delayed due to engineering problems and was later canceled.

In September 2006, Adventure Parks Group filed for Chapter 11 bankruptcy protection. On September 25, 2007, due to bankruptcy proceedings, Adventure Parks Group LLC auctioned off Cypress Gardens and Wild Adventures. Despite the Chapter 11 filing, the parks remained open for operation. The initial bids were set at $17.4 million for Cypress Gardens and $38.85 million for Wild Adventures, with a combined starting point of $53.25 million. The group's situation only worsened after hurricanes Charley, Frances, and Jeanne damaged Cypress Gardens in 2004. Herschend Family Entertainment later purchased Wild Adventures for $34.4 million.

Herschend removed the Gauntlet but opened The Rattler on March 21, 2008. It is a Huss Frisbee-type flat ride manufactured by Moser Rides of Italy. Also in 2008, the Tiger Terror roller coaster was sold and moved to Lowry Park Zoo in Tampa, Florida, and renamed "Tasmanian Tiger". In February 2009, the movie Zombieland was filmed at Wild Adventures for its theme park scenes.

For the 2010 season, the park added several rides including Viking Voyage, Whirling Wildcats, and Falcon Flyers. All three rides were from the now defunct Celebration City in Branson, Missouri. The Attractions, Gold Rush, and Mystery Maze were removed. Bug Out was renamed Go Bananas. The S&S Double Shot was renamed Firecracker. Two new rides, Tailspin, and Wacky Wheels were added before the 2013 season. In 2015, Jungle Rumble, a flat ride, was also added.

Before the 2019 season, Fiesta Express was moved out of storage and was renamed Swamp-water Snake and the S&S Double-shot was renamed Blazer Blast for a new children-themed area called Discovery Outpost. After the 2019 season, Viking Voyage was moved to Fun Spot Kissimmee. Beginning in the 2020 season, Blackfoot Falls was renovated and renamed Island Falls, and the Pharaoh's Fury was moved to another zone of the park after the closure of surrounding rides. Wild Adventures was shut down due to the COVID-19 pandemic, later reopening in July 2020. In early 2021, it was announced that the park's CCI wooden coaster Cheetah would be retired after its closure in the 2020 season, as well as the park's go-karts and mini-golf course.

For the 2022 season, the Falcon Flyers were renamed the American Flyers and received a new paint job. The restaurant Brews and Bites began selling alcoholic beverages and added covered seating and a live concert area. At the end of the season, the Yo-Yo ride was removed from the park. In 2023, the Go Bananas roller coaster was renamed to Marsh Mayhem, and the Sidewinder flat ride was renamed Sandstorm Chaser and moved to the new Oasis Outpost-themed area of the park.