FirstEnergy Stadium is located on the site of Cleveland Stadium, commonly called Cleveland Municipal Stadium, a multipurpose facility built in 1931 that served as the Browns' home field from their inception in 1946 through the 1995 season. During the 1995 season, owner Art Modell announced his plans to move the team to Baltimore, which resulted in legal action from the city of Cleveland and Browns season ticket holders. The day after the announcement was made, voters in Cuyahoga County approved an extension of the original 1990 sin tax on alcohol and tobacco products to fund renovations to Cleveland Stadium. Eventually, as part of the agreement between Modell, the city of Cleveland, and the NFL, the city agreed to tear down Cleveland Stadium and build a new stadium on the same site using the sin tax funds. Modell agreed to leave the Browns name, colors, and history in Cleveland and create a new identity for his franchise, eventually becoming the Baltimore Ravens, while the NFL agreed to reactivate the Browns by 1999 through expansion or relocation of another team. Demolition on the old stadium began in November 1996 and was completed in early 1997. Debris from the former stadium was submerged in Lake Erie and now serves as an artificial reef.

Ground was broken for the new stadium on May 15, 1997, and it opened in July 1999. The first event was a preseason game between the Browns and the Minnesota Vikings on August 21, followed the next week by a preseason game against the Chicago Bears. The first regular-season Browns game at the stadium was played the evening of September 12, 1999, a 43–0 loss to the Pittsburgh Steelers.

Since 2011, the stadium has been referred to by some as the "Factory of Sadness", a name that was first coined that year by comedian and Browns fan Mike Polk. Polk made a video outside the stadium in which he complains about the team's futility. In 2021, after the Browns defeated the Steelers at Heinz Field, local tv station WKYC-TV broadcast a segment with Polk where he "closed" the Factory of Sadness.

Through the 2020 season, FirstEnergy Stadium and Allegiant Stadium are the only NFL venues that have yet to host a postseason game of any kind. The Browns are one of six teams who have yet to host a home playoff game in their respective stadium, along with the Atlanta Falcons, Detroit Lions, Las Vegas Raiders, Los Angeles Chargers, and New York Jets. These teams (save for the Raiders), however, have hosted the Super Bowl at their respective stadiums, while the Jets' home, MetLife Stadium, has also hosted a New York Giants home playoff game.

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