The Adelaide Lightning were formed in 1993 and started playing out of the Clipsal Powerhouse. Since the early 2000s the team has tended to alternate between their current home at the Adelaide Arena (formerly the Powerhouse) and the Wayville Sports Centre located within the Adelaide Showgrounds.
As of the 2013–14 WNBL season, the Lightning and Adelaide's men's NBL team the Adelaide 36ers entered into a merger which saw the two teams share the same management team. This also saw the Lightning move their home games exclusively played at the Adelaide Arena where they would play a number of double headers with the 36ers, ensuring larger home attendances for the Lightning and raising the profile of the team. The return to the 8,000 seat Adelaide Arena gives the Lightning easily the largest current venue in the WNBL (the Arena seats some 2,800 more than the AIS Arena in Canberra, while most other WNBL venues can seat around 2,000 - 2,500).