Karolinelund was founded in 1946 by the brothers Volmer and Carl Lind and was later owned by Franck Bo Lind. In 2005 he sold the park to Torben "Træsko" Pedersen, who owned amusements at Dyrehavsbakken. After only one season, Pedersen sold the park to Aalborg Kommune on 23 January 2007.
The park was called Tivoliland from the 1970s to 2005. When Pedersen bought the park in 2005 he changed the name to Tivoli Karolinelund. Today the amusement park is called Karolinelund, the original name of the area where the park is located.
The park closed in after the 2010 season.