Including improvements currently underway, the stadium has undergone four renovations over the course of its history. The first of these took place in the mid-1960s, when the western section of the structure was renovated. The next, begun in 1970 and finished four years later, saw the addition of the north and south stands, raising capacity to 30,000. The architect for the project was Yu. Tabakova. Also added were the stadium's first roof and drainage system, as well as floodlighting, an information panel, and a hotel, located under the north stand and gymnasium.

A third renovation was begun in 1979 to renovate the East and South stands but was completed only recently. After the demolition of the South Stand in that year, construction was halted indefinitely, resuming only in 1998 after a delay of nearly twenty years. Upon resumption, a new East Stand and a partially reconstructed South Stand were erected.

Metalist's fourth set of renovations is ordered in preparation for Euro 2012. The South Stand has already been completed and a completely new East Stand has been built, raising the capacity to 41,411. Roof replacement, other general modernizations and aesthetic improvements are set to be completed by the end of 2009. On December 5, 2009 there was an opening of the renovated stadium at the day of the 50 anniversary of the president of the Metalist Kharkiv, Oleksandr Yaroslavsky.

The South Stand contains a three story shopping mall - business center "Metalist-Arena". The offices are rented here by UkrSibbank, several local businesses, and other banks. There are pharmacy, medical office, tour agencies, and many more.