The water park originally opened as Riptide Reef in 1989. For the 1997 season, Paramount Parks invested $7 million in a 12-acre (49,000 m2) expansion and renamed the park to WaterWorks. Another major expansion occurred in 2006 adding a new Australian theme and changing the name to Boomerang Bay, a name shared with the water park at sister venue Paramount's Great America (now California's Great America). In 2008, Cedar Fair added a 600,000-US-gallon (2,300 m3) wave pool, Bondi Beach, increasing the total size of the water park to 20 acres (81,000 m2).
As part of the multi-year Carowinds expansion, Boomerang Bay has added Surfer's Swell and Dorsal Fin Drop during the 2014 season.