Georgios Karaiskakis Stadium was built at the same site as the old Karaiskakis stadium. The reconstruction of the new stadium took only 14 months. Total costs amounted to €60 million.
Karaiskakis Stadium opened in June 2004. It was one of the stadiums used during the 2004 Olympics.
Outside of the stadium one can find a monument that commemorates the death of 21 Olympiakos fans that got crushed at the exit of the stadium after a match against AEK in 1981. Among the red seats in the stadium 21 are painted black in memory of the deceased.