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The Lifecycle exercise bike, the first computerized stationary bicycle, was developed in the late 1960s by California chemist and inventor Keene Dimick, Ph.D. Dimick quickly realized the potential of aerobic equipment for the emerging fitness market and teamed up with health club pioneer Ray Wilson who bought the rights to the bike and, along with partner Augie Nieto, established Lifecycle Inc. in 1977.

Because of the innovative success of the Life Cycle Exercise Bike, other features and technology were developed by the pair. The company's first innovative products included an entire cardiovascular product line, including the touchpad console, solid state circuitry, motivational feedback, Lifepulse digital heart rate hand sensors and Zone Training+ Workout.

In 1984, Bally Manufacturing Corp purchased Lifecycle and renamed it Bally Fitness Products Inc. The company grew steadily because of Bally's financial backing and large production capacity and soon was the world's largest commercial fitness equipment manufacturer. By 1987, the company had changed its name to Life Fitness and shortly after in 1991 Mancusoc & Co. purchased the company. Life Fitness added strength equipment to their product line with the acquisition of High Tech Professional Strength Systems Inc. in 1995.

In June 1997, Brunswick Corporation, a Fortune 500 company and the market leader in the active recreation industry, acquired Life Fitness. That same year, Life Fitness acquired Hammer Strength, the world leader in commercial plate-loaded exercise equipment.^{[citation needed]} With the acquisition of strength offerings, the company expanded its offerings to its core health club markets and confirmed its presence in the athletic arenas of colleges and high schools, professional sports, and body building.

Today, the company is the global leader in commercial fitness equipment.^{[citation needed]} The company currently operates as a division of Brunswick Corporation, headquartered in Schiller Park, Ill. Headed by President John Stransky, the company has eleven global subsidiaries and provides a variety of products and services to more than 120 countries.