It was built from 2003 to 2007 in the same spot that the first Wembley Stadium was built . It opened in 2007 and was built on the site of the previous 1923 Wembley Stadium . The earlier Wembley stadium , originally called the Empire Stadium , was often referred to as `` The Twin Towers '' and was one of the world 's most famous football stadiums until its demolition in 2003 .