Coral Sea Park stands on land that was once part of the Botany Wetlands, a sandy freshwater landscape that sustained Aboriginal people for thousands of years and later supported early industries and farming. In the 1920s, the area became home to the famous Maroubra Speedway, a high-banked racing track that attracted huge crowds and helped place Maroubra at the centre of Australian motor sport. Following a series of fatal accidents, declining attendance and the Great Depression, the speedway closed in 1934 and the site gradually fell into ruin.
After World War II, the land was resumed by the NSW Housing Commission and redeveloped as a housing estate for returning servicemen and their families. The estate's design reflected the optimism of the post-war period, while its name commemorated an important Allied victory.
Coral Sea Park honours the Battle of the Coral Sea (4–8 May 1942), a pivotal naval and air battle that helped halt Japanese expansion in the Pacific. Nearby streets, including Yorktown Parade, Astoria Circuit and New Orleans Crescent, were named after American ships that took part in the battle. The park remains a lasting reminder of both Maroubra's unique local history and Australia's wartime heritage.