Kraken was announced in May 1999.
Kraken opened as planned on June 1, 2000. It was the fifth floorless roller coaster installation by Bolliger & Mabillard. It was also the longest and second-fastest coaster in Florida.
In summer 2017, virtual reality headsets were added to Kraken. It sees experience a deep-sea mission alongside the Kraken beast. Similarly to Galactica at Alton Towers, the VR system was built into the coaster train to increase throughputs. SeaWorld also redesigned Kraken's station to help with throughputs. On April 13, 2017, SeaWorld announced that Kraken would be renamed to Kraken Unleashed and that the new VR experience would open on June 16. This refurbishment also saw the "Kraken" at the ride entrance changed from an eel to a more squid-like creature. The VR headsets were discontinued in August 2018 and the name reverted to Kraken as the extra time taken for riders to put on and adjust their headsets led to slower operations and longer queue times.
In 2021, Kraken was given a new paint job, which consisted of green track and dark teal supports. The "Unleashed" part of the ride's marquee was removed during this time.