Arena was founded in 1995 by Clive Nolan keyboardist of Pendragon and Shadowland, and Mick Pointer, the original drummer of Marillion, his tenure lasting from 1979 until 1983. The other founding members of the band were guitarist Keith More, vocalist John Carson, and bassist Cliff Orsi. Orsi was replaced by John Jowitt (of IQ) in the band's inaugural year, whilst Carson and More left the band in 1996 and 1997, and were replaced by Paul Wrightson and John Mitchell (of Frost*) respectively. Both Jowitt and Wrightson left the band in 1998, to be replaced by Ian Salmon and Rob Sowden, creating the band's most stable lineup to date (from 1998 until 2010). This lineup came to an end with Paul Manzi replacing Sowden in 2010.

In 2011, Jowitt rejoined the band to replace the departing Salmon. Most of the band's lyrics are written by Nolan, though Pointer contributed lyrics to Sirens and other tracks on the first two albums.

Musically the band's style ranges from symphonic to hard rock. Some of the band's recent albums have a similar sound to Nolan's earlier band, Shadowland.