NXT TakeOver 31 was the 31st NXT TakeOver professional wrestling livestreaming event produced by WWE. It was held exclusively for wrestlers from the promotion's NXT brand division. Unlike all previous TakeOvers, which aired exclusively on the WWE Network, TakeOver 31 was the first TakeOver to air on traditional pay-per-view (PPV) in addition to the WWE Network. The event took place on October 4, 2020, and was broadcast from the Capitol Wrestling Center, hosted at the WWE Performance Center in Orlando, Florida—this was the first NXT event to feature the Capitol Wrestling Center, NXT's version of the WWE ThunderDome used for Raw and SmackDown and an homage to the Capitol Wrestling Corporation, the predecessor to WWE.

The WWE Performance Center is the official professional wrestling school system of the American organization, WWE, a division of TKO Group Holdings, a subsidiary of Endeavor Group Holdings. The system currently operates two Performance Center locations, which serve as training facilities for WWE wrestlers, as well as sports science and medical facilities. The first branch, located in Orlando, Florida, was opened on July 11, 2013. The second branch opened on January 11, 2019, in Enfield, London.