The ground was built mainly due to the fact that the Welsh national stadium, Cardiff Arms Park, had been overtaken by other major rugby nations and was one of the smallest grounds in what was then the five nations championships.
Therefore the decision was made to build a new stadium, rather than renovate the old ground, particularly with the hosting of a Rugby World Cup on the horizon.
The £121 million construction of the stadium was largely through private investment, making the ground, which was only the third in Europe to boast a retractable roof when built, look a bargain compared to comparable venues.
The home of the Welsh Rugby team, it hosted the Rugby World Cup final in 1999 when Australia defeated France.
The Millenium Stadium will be host to the very first event of the Olympic Games with the first preliminary women's football match taking place on July 24, three days before the Opening Ceremony.
It will host the men's bronze medal match and a quarter final during the Olympic football tournament, as well as preliminary games.