The company was established in 1997, OMEGA was run and created by Matt and Jeff Hardy with help from Thomas Simpson. They began the promotion because, at the time, there weren't many places to wrestle, nor did they know anyone who could help. Both Matt and Jeff Hardy took apart the ring and put it back together at every event they had, while Matt Hardy sewed all the costumes worn in OMEGA. Compared to other contemporary independent federations, OMEGA stood out because it incorporated high-flying wrestling, hardcore matches and many different styles into its shows.
The promotion folded in October 1999, after both Matt and Jeff Hardy had signed with the World Wrestling Federation, leaving the other wrestlers to make careers for themselves, with many moving onto NWA Wildside.
In 2007, Highspots.com produced a two-disc DVD set entitled OMEGA: Uncommon Passion, chronicling the history of the promotion, including matches and interviews with many OMEGA wrestlers.