The National Hot Rod Association was founded by Wally Parks in 1951 in the State of California to provide a governing body to organize and promote the sport of drag racing. The first nationwide NHRA sponsored event was held in 1955, in Great Bend, Kansas. (Typical for the era, this race was held on a World War II-constructed training air field.) The "Nationals", held in the summer and the winter each year, are the premier events in drag racing that brings together the best cars and drivers from across North America. The Nationals are now held at O'Reilly Raceway Park at Indianapolis in Clermont, Indiana and are officially called the U.S. Nationals. Winners of national events are awarded a trophy statue of Wally Parks. The trophy is commonly called by its nickname, “Wally”.

Winston was the title sponsor of the series from 1970 until 2001, before a new governing rule stated the Master Settlement Agreement restricted R. J. Reynolds to one sponsorship of a sporting event; they chose NASCAR. In 2002, The Coca-Cola Company took over sponsorship of the series, which is now known as the NHRA Powerade Drag Racing Series and has the slogan "Very Real Power."

In 2001, the NHRA brought out NIRA (National Import Racing Association) and renamed it the Sport Compact category featuring such cars, and while Toyota, Honda, Nissan, and Subaru are very popular, the NHRA has also permitted General Motors, Ford, and DaimlerChrysler cars to participate in Sport Compact.

The series has four main classes, and a series of other sportsman classes for individuals who wish to compete. The classes are Top Fuel Dragster, Top Fuel Funny Car, Pro Stock, and Pro Stock Bike. Top Fuel was the first category, with Funny Cars added in 1966, Pro Stock four years later and Pro Stock Bikes in 1987. Both Top Fuel and Funny Cars regularly see top speeds in excess of 325 mph today, and quarter mile times anywhere from 4.4 to 5 seconds. Both these cars are 85% nitromethane and 15% methanol. The Pro Stock record is close to 210 mph with times often in the 6.6-6.8 second range and the Pro Stock Bikes usually run at 190+ mph with times in the low 7- to high 6-second range.

Some of the popular racers to come through the series include "Big Daddy" Don Garlits, Don "The Snake" Prudhomme and Shirley Muldowney. Those three gained much attention from the 1960s through '70s with their speed and personalities, a combination rarely achieved today through the political correctness of sponsorship in today's drivers. Nonetheless there are still colorful characters today, such as 14-time Funny Car champion John Force.