Elvis moved into Graceland in the late 1950s after he had moved out of a house located at 1034 Audubon in Memphis. On August 16, 1977, Elvis died there as a result of an overdose of mixed drugs and complications of severe heart disease. The suggestion that he died has often been questioned by people who think he went into hiding. He was buried at Graceland, and the estate has become a pilgrimage for Elvis fans across the world.

After Elvis' death in 1977, Priscilla Presley served as executor of his estate. Graceland itself cost $500,000 a year in upkeep, and expenses had dwindled Elvis and Priscilla's daughter Lisa Marie's inheritance to $5 million. Priscilla examined other famous house/museums, and hired a CEO to turn Graceland into a moneymaker. She became the chairwoman and president of Elvis Presley Enterprises. After Graceland opened to the public in 1982, the enterprise's fortunes soared and eventually the trust grew to be worth over $100 million.

An annual procession through the estate and past Elvis' grave is held on the anniversary of his death. The largest gathering assembled on the twenty fifth anniversary in 2002. One estimate was of 40,000 people in attendance, despite the heavy rain.

Other attractions at the Graceland Estate include a museum containing many Elvis artifacts, like some of his famous Vegas jumpsuits, awards, gold records, Elvis' jet the Lisa Marie, and Elvis' extensive auto collection. Recently Sirius Satellite Radio installed an all-Elvis radio station on the grounds. Subscribers all over North America can hear Elvis music from Graceland around the clock. Two new attractions have been added, Elvis After Dark and Elvis 56; these can be found on the plaza

In early August 2005, Lisa Marie Presley sold 85% of the business side of her father's estate. She kept the Graceland property itself, as well as the bulk of the possessions found therein, and she turned over the management of Graceland to CKX, Inc., an entertainment company that also owns the American Idol TV show.

In February 2006, CKX Chairman Bob Sillerman announced plans to turn Graceland into an international tourist attraction on par with the Disney or Universal theme parks, sprucing up the area mansion and double the 600,000 annual visitors. Sillerman’s goal is to enhance the “total fan experience” at Graceland to compel visitors to spend more time and money. The company is working with Orlando, Florida-based Bob Weis Design Island Associates to improve the tourist area around Graceland, which is located in an economically-depressed area of Memphis, while keeping intact the historic home.

Sillerman, who has been speaking with investors and developers, said he will ask local governments to help improve some of the public spaces around Graceland. He wants to expand the visitor center and exhibit space to showcase thousands of pieces of Elvis memorabilia that have never been seen. A new hotel is a possibility, or an expansion to the nearby Heartbreak Hotel.