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Construction of Giant Drop began in 1996. It opened on April 26, 1997.
In August 1999, Giant Drop was closed after a 12-year-old boy was killed after falling from Drop Tower: Scream Zone at California's Great America. Six Flags added seat belts to the attraction following the accident.
On June 22, 2007, several drop towers, including Giant Drop at Six Flags Great America were forced to closed when a 13-year-old girl had both of her feet cut off by a cable on Superman: Tower of Power at Kentucky Kingdom.
During the 2017 season, Six Flags Great America added a virtual reality experience to Giant Drop. Dubbed Drop of Doom, the experience put guests in a helicopter battle. They were given a 360 degree rotating view high above massive city skyscrapers that were under siege by enormous spiders. The attraction's climax featured a showdown with a spider that was the size of a van, teeth-gnashing and in full attack mode.
- "Six Flags' new ride is a 20-story scream", Green Bay Press-Gazette (April 24, 1997), pp. 35. Retrieved on December 14, 2021.
- "Safety: Officials say injuries due to horseplay", The Daily Herald (August 31, 1999), pp. 183. Retrieved on December 22, 2021.
- "More thrill rides closed after teen injured", Pensacola News Journal (June 23, 2007), pp. 4. Retrieved on December 22, 2021.
- "Great America's Giant Drop to include venomous VR spiders". https://www.chicagotribune.com/suburbs/lake-county-news-sun/ct-lns-six-flags-virtual-reality-st-9323-20170322-story.html.