Fly Racing was founded in 2001 by Mike Smith with the specific mission of creating affordable, high-quality motorcycle racing equipment for amateur riders who were previously priced out of professional-grade gear. Prior to Fly's entry into the market, most top-tier helmets and suits were exclusively available through expensive European or Japanese manufacturers, making them inaccessible to the growing grassroots dirt track and motocross community in North America.

The brand quickly established itself by focusing on the 'prosumer' market—riders who wanted professional performance without the professional price tag. Fly Racing achieved this by leveraging advanced materials like carbon fiber and Kevlar while maintaining aggressive pricing strategies that disrupted the industry. Their initial success was driven by a direct-to-consumer model and a strong presence in dirt track racing, where they became a staple brand for motocross competitors seeking safety and value.

Over the last two decades, Fly Racing has expanded its portfolio to include road racing, off-road adventure, and lifestyle apparel, becoming one of the largest privately-owned motorcycle gear manufacturers in the world. They are known for frequent innovation cycles, often introducing new ventilation systems, retention mechanisms, and graphics designs that set trends within the motorsports community. Today, they remain a dominant force in the American market, consistently ranking among the top-selling helmet brands globally.