Built in 1923 as a field house, the facility is named in honor of Michigan's legendary football coach and athletic director, Fielding H. Yost. For many years, it housed the Michigan men's and women's basketball teams, until those teams relocated their sporting events to the larger Crisler Arena in 1967. It also housed the track teams in the 1950s. In 1973, it was converted into an ice arena, and the Michigan hockey team has used it ever since. The University of Michigan's Senior and Collegiate synchronized skating and freestyle teams also practice at Yost. In addition, local high school teams, recreational leagues (AAAHA) and the university's intramural hockey league call it home.

Yost Ice Arena has hosted NCAA Ice Hockey Tournament games five times in its history, most recently in 2003.

Constructed: 1923
Dedicated: November 10, 1923
Renovated: 1973, 1992, 1996, 2001, 2006, 2012
Name Changes: Fielding H. Yost Field House (1924–73), Yost Ice Arena (1973–present)
First Ice Hockey Game: Nov. 2, 1973, a 6–2 U-M win over Waterloo Lutheran