The original Luna Park, the most famous of Coney Island's competing amusement parks, opened in 1903 and reigned for decades until destroyed by fire in the 1944. A completely new Luna Park was constructed in 2010, incorporating as its showpiece the classically clackety wooden roller coaster the Cyclone ($10), which opened in 1927 and sparked roller-coaster fever in American culture with its near-vertical drops and speeds of 60mph. It's now listed on the National Register of Historic Places.
There are over two-dozen newer rides in Luna Park, which ranges across several blocks on the south side of Surf Ave (note that Deno's Wonder Wheel is run by a separate business) – including the massive Thunderbolt ($10), a modern roller coaster with a 90-degree vertical drop and 100ft loops. New rides being constructed for the 2020 season include a splashdown log flume and a ropes course with zip-lines.
Check online for opening days and times, which vary by month. An unlimited ride pass can be bought in advance at a big discount on their website.