Designed primarily by Kōichi Satō, construction of the auditorium was planned to begin in 1923 following the death of Waseda founder Ōkuma Shigenobu.

[1] It was classified as a historic building by the Tokyo Metropolitan Government in 1999 and officially designated as an Important Cultural Property in 2007.

The auditorium was fully renovated between 2006–2007 to commemorate the 125th anniversary of the founding of Waseda University, with work ending on October 2, 2007.

The bells at the top of the tower were shipped across the Panama Canal from the MacLean Company in Baltimore, United States.

Oval-shaped transom windows on the roof represent the Sun, Moon, and nine (traditional) planets of the Solar System, and symbolize the "harmony of the universe" both inside and outside the auditorium.

[citation needed] Important events and lectures hosted by Waseda University are often held in the Ōkuma Auditorium.

In 1946, a retirement ceremony for sekiwake sumo wrestler Katsuichi Kasagiyama, a graduate of Waseda University, was held in the auditorium.