Aqualibi opened in 1987 as part of the Walibi Belgium entertainment complex. The park was designed to provide a weather-independent aquatic experience in a tropical-themed setting. In 2011, Aqualibi underwent a major renovation, updating its theming and modernizing infrastructure.

A significant expansion was completed in December 2023, introducing four new water slides and expanding the park’s footprint to nearly 8,000 square meters. This €30 million investment aimed to enhance the park's attractions and sustainability efforts, including energy renovations and improved insulation.