Louis J. Koch created the nation's first theme park as a retirement project. He was troubled that the tiny town of Santa Claus, Indiana was visited by children who were disappointed when they found out Santa was not there. With nine children of his own, Koch loved children, holidays and celebrations. He opened the park in 1946 as Santa Claus Land. It originally contained a toy shop, toy displays, themed children's rides, a restaurant, and, of course, Santa Claus. In 1984, Santa Claus Land grew to include Halloween and Fourth of July sections, and the park's name was changed to Holiday World. The Thanksgiving area was added in 2006. Presently, Holiday World features 120 acres of rides, shows, games, and attractions. Louis' son Bill was the chairman of the company until his death in September 2001. Bill's son Will was the president and CEO of Holiday World & Splashin' Safari, but there was a feud in the family for several years over control of the park after his death, with the courts ultimately deciding who retained controlling interest. Currently, Matt Eckert is president.

The Good Gravy! coaster opened in May 2024. It is a Vekoma Family Boomerang shuttle coaster with theming based on the Thanksgiving holiday. One coaster has left Holiday World:  Firecracker (also known as Blitzen) operated from 1981 to 1997.  It was a Pinfari Z47 model that started in 1976 as Cyclone at Geauga Lake in Ohio.  It was briefly at the Jolly Roger Amusement Park in Maryland in 1998.