It owned 116 acres (47 ha) in south Houston surrounding the Astrodome. Judge Roy Hofheinz, who was one of the original owners of the Houston Astros baseball team and spearheaded the lobbying effort that resulted in Harris County financing the construction of the Astrodome, founded the 'Astrodomain' holding company after the Astrodome's opening in 1965.

Many rides were sold at auction or relocated to other Six Flags' properties, and demolition of the remaining structures was completed by mid-2006. Following declining revenue, rising property value, and other issues facing Six Flags, the company closed AstroWorld permanently after its final day of operations on October 30, 2005, the final night of Fright Fest. WaterWorld, an adjacent water park, was acquired and added to AstroWorld in 2002. Notable rides featured at the park included the Texas Cyclone, a wooden roller coaster built in 1976 that was modeled after the well-known Coney Island Cyclone, and Thunder River, considered the world's first successful river rapids ride when it opened in 1980. The Hofheinz family sold AstroWorld to Six Flags in 1978.

The park opened on June 1, 1968, and was developed originally and constructed as part of the Astrodomain, the brainchild of local philanthropist and former Houston mayor Roy Hofheinz, who intended it to complement the Astrodome. Owned and operated by Six Flags, the park was situated between Kirby Drive and Fannin Street, directly south of I-610. Six Flags AstroWorld, also known simply as AstroWorld, was a seasonally operated amusement park in Houston, Texas.

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