1892, American English, from speed (n.) + way (n.).
Entries linking to speedway
speed n.
Old English sped "success, a successful course; prosperity, riches, wealth; luck; opportunity, advancement," from Proto-Germanic *spodiz (source also of Old Saxon spod "success," Dutch spoed "haste, speed," Old High German spuot "success," Old Saxon spodian "to cause to succeed," Middle Dutch spoeden, Old High German spuoten "to haste"), from PIE *spo-ti-, from root *spes- or *speh- "prosperity" (source also of Hittite išpai- "get full, be satiated;" Sanskrit sphira "fat," sphayate "increases;" Latin spes "hope," sperare "to hope;" Old Church Slavonic spechu "endeavor," spĕti "to succeed," Russian spet' "to ripen;" Lithuanian spėju, spėti "to have leisure;" Old English spōwan "to prosper").
Meaning "rapidity of movement, quickness, swiftness" emerged in late Old English (at first usually adverbially, in dative plural, as in spedum feran). Meaning "rate of motion or progress" (whether fast or slow) is from c. 1200. Meaning "gear of a machine" is attested from 1866. Meaning "methamphetamine, or a related drug," first attested 1967, from its effect on users.
Speed limit is from 1879 (originally of locomotives); speed-trap is from 1908. Speed bump is 1975; figurative sense is 1990s. Full speed is recorded from late 14c. Speed reading first attested 1965. Speedball "mix of cocaine and morphine or heroin" is recorded from 1909.
way n.
Old English weg "road, path; course of travel; room, space, freedom of movement;" also, figuratively, "course of life" especially, in plural, "habits of life" as regards moral, ethical, or spiritual choices, from Proto-Germanic *wega- "course of travel, way" (source also of Old Saxon, Dutch weg, Old Norse vegr, Old Frisian wei, Old High German weg, German Weg, Gothic wigs "way"), from PIE root *wegh- "to go, move, transport in a vehicle."
From c. 1300 as "manner in which something occurs." Adverbial constructions attested since Middle English include this way "in this direction," that way "in that direction," both from late 15c.; out of the way "remote" (c. 1300). In the way "so placed as to impede" is from 1560s.
From the "course of life" sense comes way of life (c. 1600), get (or have) one's way (1590s), have it (one's) way (1709). From the "course of travel" sense comes the figurative go separate ways (1837); one way or (the) other (1550s); have it both ways (1847); and the figurative sense of come a long way (1922).
Adverbial phrase all the way "completely, to conclusion" is by 1915; sexual sense implied by 1924. Make way is from c. 1200. Ways and means "resources at a person's disposal" is attested from early 15c. (with mean (n.)). Way out "means of exit" is from 1926. Encouragement phrase way to go is short for that's the way to go.