Astroland first billed itself as a 'space-age' theme park when it opened in 1962, although in later years a visit was more like stepping into the past than the future." Some of the later rides were similar to regular carnival rides, but others offer a kitsch experience that was lacking in modern amusement parks.

In 1955, Dewey Albert and his friends Nathan Handwerker, Herman Rapps, Sidney Robbins and Paul Yampo formed a corporation called Coney Island Enterprises. In 1957, Rapps and Alpert announced they would build Wonderland. Through a series of acquisitions, together they built what is today known as Astroland. On July 12, 1975 an early morning fire wiped out much of the park but they were able to rebuild.

On November 28, 2006 Astroland was sold by the Albert Family for US $30 million to Thor Equities, which plans to redevelop the area as a $1.5 billion year-round resort. Under the agreement, the Alberts would continue to operate the Cyclone, the famous wooden roller coaster. At the time, the Alberts hoped to relocate attractions like the water flume and the Astrotower to another part of the neighborhood.

After the sale, opposition to the relocation plan emerged. Efforts supporting the extension of Astroland's existence for the 2008 summer season were established. Astroland celebrated the 45th anniversary of its opening on April 1, 2007.

It was announced October 24, 2007 that Carol Albert and Thor had reached a deal, and that Astroland would re-open March 16, 2008. However, after a few months when no agreement between the two parties could be reached, Astroland closed on September 7, 2008.

Local legend has it that restaurateur Charles Feltman invented the hot dog in the area of Astroland in 1874.