Winston was the title sponsor of the series from 1970 until 2003, before a new governing rule stated that tobacco companies could not sponsor national auto racing series. The rule affected both the NHRA and NASCAR Winston Cup; in 2004 the NHRA became the Powerade Drag Racing Series and has the slogan "Very Real Power."

In 2001, the NHRA brought out NIRA (National Import Racing Association) and renamed it the Sport Compact category featuring such cars, and while Toyota, Honda, Nissan, and Subaru are very popular, the NHRA has also permitted General Motors, Ford, and DaimlerChrysler cars to participate in Sport Compact.

The series has four main classes, and a series of other sportsman classes for individuals who wish to compete. The classes are Top Fuel Dragster, Top Fuel Funny Car, Pro Stock, and Pro Stock Bike. Top Fuel was the first category, with Funny Cars added in 1966, Pro Stock four years later and Pro Stock Bikes in 1987. Both Top Fuel and Funny Cars regularly see top speeds in excess of 325 mph today, and quarter mile times anywhere from 4.4 to 5 seconds. Both these cars are 85% nitromethane and 15% methanol. The Pro Stock record is over 205 mph with times often in the 6.6-6.8 second range and the Pro Stock Bikes usually run at 190+ mph with times in the 7-second range.

Some of the popular racers to come through the series include "Big Daddy" Don Garlits, Don "The Snake" Prudhomme and Shirley "Cha Cha" Muldowney. Those three gained much attention from the 1960s through '70s with their speed and personalities, a combination rarely achieved today through the political correctness of sponsorship in today's drivers. Nonetheless there are still colorful characters today, such as 13-time Funny Car champion John Force.

Drag racing is a form of auto racing in which cars or motorcycles attempt to complete a fairly short, straight and level course in the shortest amount of time, starting from a dead stop. Drag racing originated in the United States and is still the most popular there. The most common distance is one quarter of a mile (1320 ft / 402 m), although one-eighth of a mile (201 m) tracks are also popular. The dragstrip extends well beyond the finish line to allow cars to slow down and return to the pit area.