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A new South Stand was built in 1967, and soon after the NFF moved its offices to the stadium. Further developments were however not made until the 1980s.

Ullevaal Stadion officially opened on the 26th of September 1926 with a match between Lyn and Swedish side Örgryte (5-1). The stadium was at that time bowl-shaped, had a running track, and could hold about 35,000 people.

The 2010 season saw Lyn at Bislett Stadium (sharing with Skeid) in the second level of Norwegian football. In April 2010 Idar Vollvik's company, Ludo, was presented as the club's latest sponsor in an attempt to rescue the club from its financial crisis, but to no avail, and on 30 June 2010, the club declared bankruptcy.[2]

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Ullevaal Stadion houses the Norwegian football museum. The museum is opened Monday to Friday from 10:00 am to 3:30 pm and on Saturday from 11:00 am to 4:00 pm.

After the 2009 season FC Lyn made the decision to move from Ullevaal Stadion to Bislett Stadium.[6] Bislett, which is also an international track and field stadium, has a capacity of 15,400. Following the bankruptcy in 2010, Lyn's fans gathered around the club's surviving team moving their home games to Frogner Stadion, which has a capacity of 4,000. In 2014 Lyn moved back to Bislett Stadium.

The football museum also offers guided stadium tours that run every 45 minutes. Entrance costs NOK 90.00, but is free with an Oslo pass.

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Lyn also fields a women's team, which in 2012 won promotion to the First Division, the second tier in women's football

Over the years, the two shareholders Lyn and the NFF were regularly involved in conflicts over the stadium. In the early 2000s, Lyn were gradually forced to sell part of their shareholding to the NFF to pay off their heavy debts, and in 2007, the NFF obtained full ownership.

In the mid 1980s plans were presented for the almost complete rebuilding of the stadium. A new West Stand opened in 1985, and four years later the North and East Stand got demolished and replaced with new two-tier stands. At the same time the running track was removed, making Ullevaal a proper football stadium.

The initiative for the construction of Ullevaal Stadion came from local club FK Lyn. In 1925 a limited company was established in which Lyn, the local municipality, and a few other local clubs participated, and which was to finance the new stadium.

In 1945 the Norwegian Football Association (NFF)  took over the shares of the local municipality and started staging cup finals at the venue. In 1960 the NFF became majority shareholder and started planning to turn Ullevaal into a national stadium.

By public transport the stadium can be easily reached by metro (T-Bane). Line 3, 4, and 5 can all be taken from Oslo’s city centre or central station. Take line 3 in the direction of Sognsvann, or line 4 or 5 in the direction of Ringen. Get off at stop Ullevaal Stadion. The journey takes 10 minutes.