The Anchorage Ski Club was founded in 1937 by Al Corey and Ralph Soberg. It has provided skiing at Arctic Valley since the 1940s. The club has a long-term lease of more than 500 acres (2.0 km2) from Chugach State Park. The Anchorage Ski Club also has an area use permit for additional neighboring acreage in Chugach State Park. Ninety percent of the area's operations are volunteered, including ticket sellers, lift attendants, bookkeepers, and maintenance.

Arctic Valley is considered an economical and "grass roots" alternative to skiing which typically attracted locals and committed recreational skiers.

Arctic Valley is the only multiple chair ski area located within 20 miles (32 km) of Anchorage.

In 2012, Arctic Valley opened a tubing park serviced by a pony tow lift. This is the only tubing park open to the general public in southcentral Alaska.