The mountain was named in 1904 after
John Norquay, premier of
Manitoba from 1878 to 1887. Norquay climbed the mountain that now bears his name in 1887 or 1888 but, contrary to some reports, did not actually reach the summit. The mountain can be scrambled on the western side but involves a number of difficult steps and some exposure. Ascent is not advised while snow persists on the route. The first ski runs date as far back as 1926, with the opening of the ski lodge in 1929. Rope tows were installed in 1942 and the mountain was the second in Canada to install a chairlift in 1948 (Red Mountain Resort was the first, in 1947), with a vertical drop of . Norquay offered three regular big vertical daily awards in the form of a pin for 25,000 feet for a bronze, 30,000 for silver and 35,000 for a gold, that regulars and staffers have collected over the years. In 1978–79 they also had 50 copies of the platinum 50,000 feet as a celebration of 50 years of the clubhouse at Norquay. Since 1978 Ski Norquay has partnered with Ski Banff, Lake Louise, Sunshine to promote its activities. This created a joined up tri-area lift pass system, which includes shuttle bus transport to and from the resort. In 1991, giant slalom and slalom were held in the resort for the
1991 Winter Deaflympics. Between October 2006 and February 2018, the Mount Norquay ski resort was owned by a group of Alberta-based investors. This ownership group consisted of
Ken Read, a former Olympic and World Cup Olympic alpine ski racer; Len, Peter, and Robert Sudermann of Fortune Resorts; and Stephen Ross of Devonian Properties in Canmore. Beginning March 2018, the Mount Norquay ski resort has been operating under the legal name, Norquay Mystic Ridge Ltd. which is a wholly owned subsidiary of Liricon Capital Ltd. Adam and Janet Waterous of Banff, Alberta own 1% of the shares of Liricon Capital Ltd. ==Ski racing==