With its opening on March 31, 2003, Great American Ball Park became the second ballpark to be built on the banks of the Ohio River in Cincinnati. In the mid 1990's the Reds and the Bengals (NFL) began to want separate modern stadiums after sharing Riverfront Stadium for nearly three decades. In 1996, Hamilton County voters approved bonds to build new stadiums for the Reds and Bengals. In July 1998, the Reds announced that their new ballpark would be built between Riverfront Stadium and US Bank Arena in an area known as the 'wedge'. Groundbreaking for the ballpark took place on October 4, 2000. In order for construction to begin, 14,000 seats had to be removed from the outfield of the Reds' former home, Riverfront Stadium. For two years, Reds fans were able to watch the new ballpark rise beyond the outfield of Riverfront Stadium. Great American Insurance bought the naming rights to the ballpark for $75 million over 30 years; thus the stadium was named Great American Ball Park.

The Cincinnati Reds christened their second ballpark on the riverfront on March 31, 2003. Great American Ball Park is a combination of new and old ballparks and provides an excellent setting for baseball. Walking along the outside perimeter of the ballpark down Second Street, fans are greeted by a three story building of brick and cast limestone, with the phrase “Rounding third and heading for home,” the signature sign-off of broadcaster Joe Nuxhall, atop the building. Banners of great moments in Reds' history also line this area. At the intersection of Second and Main streets is an opening to Crosley Terrace, a point most fans pass through before entering the ballpark. The terrace is about an acre of concrete, landscaped with grass and trees. Statues of Crosley Field-era players (Joe Nuxhall, Ernie Lombardi, Ted Kluszewski and Frank Robinson) dot the landscape, along with a pitcher's mound built to Major League Baseball dimensions of the day. Grass in the terrace is sloped at the same incline as Crosley Field's outfield. Special lighting illuminates the statues, stone benches and a 60-foot stone sculpture meant to depict the romance of the game are also in the Crosley Terrace. Located adjacent and connecting to Great American Ball Park along Main Street is the Reds Hall of Fame Museum and team store. A rose garden, remembering Pete Rose, is located near the museum where his record breaking hit 4,192 was at Riverfront Stadium.