The team was founded in 1979 and owned by Monica Öberg, driver, and Dan Söderberg, chief mechanic. The company is based in Piteå, Sweden and run by the two partners in cooperation with the mechanic team of five people. Monica Öberg Racing has competed in drag racing Top Fuel class since 1982. The team is one of Sweden's most respected and the soon to be 27 years of cooperation has resulted in success mainly at home but also internationally.

Öberg is threefold Swedish champion (1986, -89, - 92) and in 1992 won the prestigious title of European Champion. During the 90's, recession forced many sponsors to break with its partners, which also struck hard against Monica Öberg Racing. The team has continued to compete with relative success, despite financial constraints.