The new 66,000-seat stadium with its AstroTurf artificial playing surface was state-of-the-art for 1971, built for comfort and efficiency as part of a plan to make Philadelphia the "Sports Capital of the World." Its contemporaries were the Atlanta Fulton County Stadium, Three Rivers in Pittsburgh, Cincinnati's Waterfront Stadium and the Houston Astrodome. The cost of "The Vet" was about $65 million. Plans for a dome at an additional $21 million had been discarded. "The Vet" was built on a former landfill, which later became the site of a drive-in movie.

"The Vet" replaced Connie Mack Stadium as the home of the Phillies, and the Eagles moved from Franklin Field at the University of Pennsylvania. Connie Mack Stadium, also known as Shibe Park, had stood for 62 years but was badly deteriorated and had become an eyesore, contributing to the move west to Kansas City by the Athletics in 1954.

There was an often-bitter controversy over the naming of the new stadium, but several veterans groups prevailed, and in the midst of the Vietnam War, City Council selected the name "Veterans Stadium" to honor all veterans.

Mayor Tate thought the Mayor's Box too extravagant and would not use it.

Highlights of "The Vet" were the World Series in 1980 and 1993, the MLB All-Star Game in 1976 and again in 1996. The traditional home of the Army-Navy Games and the Temple Owls Big East Football, "The Vet was also home to the USFL Philadelphia Stars and two soccer teams, the Fury and later the Atoms. Through the years there were numerous concerts, religious meetings and other special events.

The last game to be played at "The Vet" was the Phillies vs. the Atlanta Braves on Sunday, September 28, 2003.

"The Vet" was imploded at 7 AM, March 21, 2004. The site is now a parking lot for the two new stadiums that replaced it.