Prior to moving into Dreamstyle Stadium, the New Mexico Lobos played at Zimmerman Field, a 16,000 seat facility. In the 1950s, the stadium was beginning to show its age and the football team needed a new stadium to play at. Furthermore, the Lobos success in the late 1950s and increased attendance led to construction of the stadium. Built at a cost of $4 million, the stadium was completed by the 1960 football season and originally known as University Stadium.

The Lobos played the first game at the facility against National University of Mexico on September 17, 1960. The first of three additions at the stadium occurred before the 1976 season when a new press box and luxury suites were added at a cost of $1.8 million. The next addition came before the 2001 season when the stands on the north side were expanded, increasing the seating capacity to just over 37,000.   A new scoreboard, known as LoboVision, was also added. The latest addition was completed before the 2004 season when bleachers were added on the south side of the stadium boosting the capacity to 40,000. Additional expansions are planned for the future as the Lobos hope to continue to build a winning football program. In May 2017 the University of New Mexico announced that the naming rights to the stadium were sold to Dreamstyle Remodeling, a local construction company. University Stadium was renamed Dreamstyle Stadium.