This is the largest indoor sports and entertainment facility in Ukraine whose opening took place in 1960. The sports arena is designed to host various sports events (over 50 sports), including basketball matches, hockey matches, professional boxing shows, and rhythmic gymnastics performances. Over the years of its existence, it has hosted 16 world championships, 28 European championships, 32 Eurocups, and more than 580 international tournaments.
Music shows of such world music stars as Backstreet Boys, Deep Purple, Moby, Christina Aguilera, Lenny Kravitz, Lara Fabian, Depeche Mode, Sting and Britney Spears thundered on the stage of the Palace of Sports. In 2005, the Eurovision Song Contest was held here, and in 2009, the Junior Eurovision Song Contest also was held here. The Palace of Sports also has over 11,000 square metres of exhibition space. Over 500 specialised exhibitions and fairs were held in its walls during the period of its existence.