The park was founded in 1975 by Eddy Meeùs under the banner "Walibi Wavre". In its early years, it was known as a water-skiing area. About a decade after, in 1987, a waterpark, Aqualibi, opened next door. The park had some Tintin rides from 1975 to 1995, when it lost the rights to the franchise.
In 1998, the park was bought by Six Flags and, three years later, Walibi Wavre changed its name to Six Flags Belgium.
In 2004, Six Flags sold its European division to Palamon Capital Partners, a London-based investment company.
On November 7, 2004, Six Flags Belgium officially became part of the past. Any references to Looney Tunes and DC Comics characters had to be removed before the beginning of the 2005 season. The park reopened its gates on March 26, 2005, bearing the "Walibi Belgium" name.
In 2006, the park was taken over by CDA Parks, a French leisure group.
During 5 Saturdays in a row in July and August, Walibi Belgium has their late night openings. During those nights, the park remains open until 11 PM and offers additional entertainment. Each night ends with a firework show around the lake, sometimes with a themed show.
One of the events the park is known for is Halloween, traditionally during the last weekends of October and autumn holiday in Belgium. During Halloween, Walibi Belgium transforms into hell on earth with scary entertainment and other festivities. The park started celebrating Halloween in 2000 on a small scale, leading it to be one of the biggest Halloween events in Belgium, the Netherlands and Luxembourg.
Since 2008, Walibi Belgium introduced a storyline around the event which is still running in 2013. Every year, the story has an open ending, making visitors curious for the following year. This happens during a finale show, including special effects, music and actors. The park also creates scare-zones, zones in the park that get a Halloween theme. The park is also known for their number of haunted houses during Halloween. For 2012 and 2013, guests were welcomed in 6 different haunted houses spread over the park. The haunted houses the park offers are nowadays known for their often strange locations and aggressive and violent actors.
For 4 to 5 days, the park also has Halloween nights, with the park being opened till 9 PM.