The station serves multiple notable Philadelphia landmarks including Independence Hall, the Liberty Bell, the National Constitution Center, the National Museum of American Jewish History, and the Philadelphia Bourse.

The station opened August 3, 1908 as part of the first extension of the Philadelphia Rapid Transit Company's Market Street Subway.

[1][3] The station was expanded in the 1950s along with the creation of the Independence Mall, and was last rehabilitated in 1974 in preparation for the United States Bicentennial.

[2][7] Elevators were installed in 2010, making the station accessible under the Americans with Disabilities Act.

[7] In July 2016, the city approved designs to rehabilitate the station, including new signage and lighting, rebuilt staircases and headhouses, as well as new artwork.