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The Panama Canal opened to commercial traffic on 15 August 1914 when the Panama Railroad steamer SS Ancon made the first official transit. The outbreak of World War I cancelled the planned grand celebration.

On 7 September 1977 US President Jimmy Carter and Panama's General Omar Torrijos signed two treaties in Washington that replaced the 1903 canal treaty and promised Panama control of the canal at the end of the century.

At noon on 31 December 1999 the Panama Canal and all former Canal Zone land came under Panama's exclusive control, as the Torrijos-Carter Treaties required. The Panama Canal Authority took over running the waterway.

On 30 October 2023 the Panama Canal Authority announced a staged cut in daily transits after the driest October on record, the first time the canal had ever restricted transits. It was later softened but queues of ships built up for weeks.

In his 20 January 2025 inaugural address President Trump said China was operating the Panama Canal and 'we're taking it back'. Panama's president rejected the claim within hours.

On 4 March 2025 CK Hutchison announced an agreement in principle to sell its ports, including the Balboa and Cristobal terminals at the ends of the Panama Canal, to a BlackRock and MSC-linked consortium. The deal was valued at 22.8 billion dollars.

Panama's Supreme Court ruled on 29 January 2026 that the concession held by CK Hutchison's Panama Ports Company at Balboa and Cristobal was unconstitutional. The decision clouded the 23 billion dollar BlackRock and MSC ports sale.

On 23 February 2026 Panama's government annulled CK Hutchison's port contracts and took control of the Balboa and Cristobal terminals, with Maersk's APM Terminals and MSC running them in the interim. Hutchison called the decree unlawful.

On 28 September 2026 the Panama Canal Authority said it will raise daily Neopanamax transits from nine to 10, for 33 slots in total, from 15 October. It also raised the maximum Neopanamax draft to 14.94 metres, citing better rainfall and Gatun Lake projections.

The 26th World Barista Championship runs 22-25 October 2026 at the Panama Convention Center, the first time it has been held in Central America. Over 50 national champions each get 15 minutes to serve espresso, milk and signature drinks.