Up to 40 small racing trophies were stolen from a display cabinet at Castle Combe Race Circuit, near Chippenham, on Sunday.
Police went to a building on the circuit, which is rented by Wiltshire College, after an alarm went off just after 10pm.
Officers found a window had been smashed to gain access and trophies taken from a display cabinet inside.
The trophies are not thought to have much monetary value and would all be individually identifiable.
It is believed entry to the circuit was gained via a gateway at the far side of the site on the main Yatton Keynell road after it was discovered that a padlock and chain had been removed.
Officers are keen to speak to anyone who may have any information about the incident or who may have any knowledge of the missing trophies to get in touch on 101 or contact Crimestoppers on 0800 555 111.