The original Yankee Stadium was located in the Bronx in New York City. It was the home of the New York Yankees from 1923 to 2008, except for 1974–1975 when it was renovated. It hosted 6,581 Yankees regular season home games during its 85-year history. It was also the home of the New York Giants of the National Football League (NFL) from October 21, 1956 through September 23, 1973. The stadium's nickname is "The House That Ruth Built" which is derived from Babe Ruth, the baseball superstar whose prime years coincided with the stadium's opening and the beginning of the Yankees' winning history.

The stadium was built from 1922 to 1923 for $2.4 million ($43 million in 2023 dollars). Its construction was paid for entirely by Yankees owner Jacob Ruppert, who was eager to have his own stadium after sharing the Polo Grounds with the New York Giants baseball team the previous ten years. Yankee Stadium opened for the 1923 season and was hailed at the time as a unique facility in the country. Over the course of its history, it became one of the most famous venues in the United States, hosting a variety of events and historic moments during its existence. Many of these moments were baseball-related, including World Series games, no-hitters, perfect games, and historic home runs, but the stadium also hosted boxing matches, the 1958 NFL Championship Game, college football, concerts, and three Papal Masses. Its condition deteriorated in the 1960s and 1970s, prompting its closure for renovation from October 1973 through 1975. The renovation significantly altered the appearance of the venue and reduced the distance of the outfield fences.

In 2006, the Yankees began building a new $2.3 billion stadium in public parkland adjacent to the stadium, which included $1.2 billion in public subsidies. The design includes a replica of the frieze along the roof that had been part of the original Yankee Stadium. Monument Park, a Hall of Fame for prominent former Yankees, was relocated to the new stadium. Yankee Stadium closed following the 2008 season and the new stadium opened in 2009, adopting the "Yankee Stadium" moniker. The original Yankee Stadium was demolished in 2010, two years after it closed, and the 8-acre (3.2 ha) site was converted into a public park called Heritage Field.

The Yankees had played at the Polo Grounds in upper Manhattan since 1913, sharing the venue with the New York Giants. However, relations between the two teams were rocky, with the Giants harboring resentment towards the Yankees. The Yankees had been looking for a new and permanent venue since at least 1909. The local papers had periodic announcements about the Yankees acquiring and developing land in the Kingsbridge neighborhood for a new ballpark northeast of 225th and Broadway, and wrote about the park as if its construction was already in progress. The Kingsbridge pipe dream continued with new owners Ruppert and Huston, but nothing came of it. The Yankees would remain tenants at the Polo Grounds for ten years, the same length of time they had spent at Hilltop Park.

For the 1920 season, the Yankees acquired star slugger Babe Ruth and in his first year with his new team, the Yankees drew 1.3 million fans to the Polo Grounds, outdrawing the Giants. By the middle of 1920, the Giants had issued an eviction notice to the Yankees, which was soon rescinded. In 1921, the Yankees won their first American League pennant (but lost the then-best-of-nine 1921 World Series to the Giants in eight games, all played at the Polo Grounds). This exacerbated Giants owner Charles Stoneham's and manager John McGraw's resentment of the Yankees and reinforced their insistence that the Yankees find another place to play their home games. McGraw, always ready with a pointed quote for the sportswriters, derisively suggested that the Yankees relocate "to Queens or some other out-of-the-way place".

Tillinghast L'Hommedieu Huston and Jacob Ruppert, the Yankees' owners since January 1915, finally decided to put the club's dream into reality and build their own stadium. The owners did so at considerable financial risk and speculation. Baseball teams typically played in 30,000-seat facilities, but Huston and Ruppert invoked Ruth's name when asked how the Yankees could justify a ballpark with 60,000 seats. The doubt over the Yankees' lasting power was amplified by baseball's sagging popularity after the 1919 Black Sox Scandal, in which eight Chicago White Sox players were expelled for conspiring with gamblers to fix that year's World Series. Many people also felt three baseball teams could not prosper in New York City, but Huston and Ruppert were confident the Yankees could thrive amongst the more established New York Giants and Brooklyn Dodgers of the National League (their gamble eventually paid off: Both National League teams relocated to California following the 1957 season). The total bill for construction of the stadium was $2.5 million.

Huston and Ruppert explored many areas for Yankee Stadium. Of the other sites being considered, the Hebrew Orphan Asylum, at Amsterdam Avenue between 136th and 138th streets in Manhattan, nearly became reality. Consideration was also given to building atop railroad tracks on the West Side of Manhattan (an idea revived in 1998) and to Long Island City, in Queens. The area Huston and Ruppert settled on was a 10 acres (4.0 ha) lumberyard in the Bronx within walking distance from and in sight of, Coogan's Bluff. The Polo Grounds was located on the Manhattan side of the Harlem River, at 155th Street and Eighth Avenue. Huston and Ruppert purchased the lumberyard from William Waldorf Astor for $600,000, equal to $11.3 million today. Construction began May 5, 1922 and Yankee Stadium opened to the public less than a year later. The stadium's walls were built of "an extremely hard and durable concrete that was developed by Thomas Edison", with a total of 20,000 cubic yards (15,000 m³) of concrete used in the original structure.

Yankee Stadium officially opened on Wednesday, April 18, 1923, with the Yankees' first home game, against the Boston Red Sox. According to the New York Evening Telegram, "everything smelled of ... fresh paint, fresh plaster and fresh grass". At 3 pm, the composer-conductor John Philip Sousa led the Seventh ("Silk-Stocking") Regiment Band in playing The Star-Spangled Banner. After a parade of the players and dignitaries, Babe Ruth was presented with a case containing a symbolically big bat. New York Governor Al Smith threw out the first pitch directly into the glove of catcher Wally Schang rather than the customary couple of feet wide. The Yankees went on to defeat Ruth's former team, the Boston Red Sox, by a score of 4–1, with Ruth hitting a three-run home run into the right-field stands. Asked later for his opinion of the stadium, he replied, "Some ball yard."