Felix, a Los Angeles native, is the most decorated American track-and-field athlete in the history of the Olympic Games.
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During a ceremony on Monday, USC officials honored Felix and praised her for her role as an advocate for rights of women and of athletes of color.
"To the university, when you shared with me that, you know, there would be this renaming, I was really blown away for a number of different reasons but when you broke down why the university wanted to rename this field in my honor, it just meant so much to me," she said. "It really showed me that the university values character and integrity, and that's just rare and very special. So I'm so, so humbled by this honor."
Felix began her career at the Olympic Games while studying at USC, eventually earning a whopping 11 Olympic medals.
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She became an advocate for working moms after giving birth to her daughter, Camryn, via an emergency C-section in 2018.
"Allyson personifies heart and soul, and most of all as you've been hearing character," said USC President Carol Folt. "When I first approached her about this naming, I was actually pretty nervous. It was really wonderful and she responded as you have heard with that same amazing grace and humility that she has been showing the world since she was just 18 and a prodigy at the Athens Olympics."
ESPN contributed to this report.