Navy-Marine Corps Memorial Stadium was initially renovated with the first of three phases over a four-year time period (2002-05) and transformed into a state-of-the-art multi-use facility hosting Navy football, sprint football and men's and women's lacrosse as well as a myriad of other local, regional, national and international events. Recently (2011-15), a fourth phase of renovation has enhanced the venue's recruiting suites, hospitality facilities, scoreboards and locker rooms.

The first floor Admiral William Lawrence N-Room houses plaques listing the names of all USNA varsity letterwinners and can seat 600 for a banquet or formal dinner.

The second floor is the home of the Bilderback-Moore Navy Lacrosse Hall of Fame. The James H.H. Carrington Room is part of the Hall of Champions that displays lacrosse photos, trophies, memorabilia and a multimedia presentation representing the proud tradition of Navy lacrosse.

The fourth level, named the Flag Bridge, was erected under the old press area in the seating bowl. It has 71 permanent seats in front of additional stools, tables and chairs which allows for flexibility in hosting game day viewing or special events on non-game days.

The fifth level is dedicated to the writing press, radio booths, coaches' booths, scoreboard, public address and operations areas and the sixth level holds six suites.
In 2005, the lower concourse restrooms were expanded and the concourse was totally resurfaced. A major change to the stadium came with the installation of a new synthetic field surface, FieldTurf, which allows the stadium to be used 365 days a year.

In the summer of 2010, four luxury boxes, a television booth and camera locations were constructed on the Upper East Side. The relocation of the television production allows CBS Sports Network to better capture the Navy sideline and Brigade of Midshipmen. In order to enhance the Stadium's ADA capabilities, two new elevators make stops at the lower portion of the upper deck to allow for fans to access their seats via a pedestrian bridge.

In the summer of 2011, a new playing surface was installed at Navy-Marine Corps Memorial Stadium. The monoblade monofilament turf system was installed by FieldTurf making Navy the first FBS program with this type of field.

In the summer of 2013 two new state-of-the-art high-definition video boards were installed, the brand new construction of two enclosed recruiting and hospitality reception areas were completed in the south end zone and the home team locker room was completely refurbished. The recruiting room on the press box side of the stadium is also used for postgame press conferences.

In the summer of 2014, following a private dedication, the east tower formally became known as Akerson Tower, named in honor of distinguished Naval Academy graduate, Daniel F. Akerson. Additionally, two identical club lounges, with dedicated seating, were constructed on either side of the existing Akerson Tower upper-level suites to provide a premium game day experience for up to 350 people. The club lounges will officially open this fall.

The multi-purpose nature of Navy-Marine Corps Memorial Stadium has allowed it to play host to five NCAA Men's Lacrosse Quarterfinals, the 2005 NCAA Women's Lacrosse Championship, the 2005 Women's Lacrosse World Cup, the 2013 First and Second Rounds of the NCAA Women's Lacrosse Tournament, Major League Lacrosse games, as well as numerous high school, professional and local youth events. The stadium is the home of the Military Bowl presented by Northrop Grumman and the annual site of a Baltimore Ravens' practice.

The memorial aspects of the original structure were preserved and enhanced during the renovations. More than 8,000 chair back memorial plates were removed, refurbished and reinstalled in the new seats. Hundreds of memorial plaques received the same treatment and are featured on the Memorial Plaque Wall in the North Memorial Plaza. Battle arches and class arches have been constructed to tell the illustrious story of the Naval Services. Each combination of battle arches contains a history lesson on the left arch and a description of the particular battle on the right. Each and every battle fought by either the Navy or Marine Corps is depicted through the use of color-coded battle streamers allowing visitors to chronologically view the story of the brave men and women who we honor for their service to our country.There was also an arch dedicated to those that went on to serve in the Air Force.