It is located underneath the intersection of Princesa and Marqués de Urquijo streets, between the districts of Moncloa-Aravaca and Chamberí, in fare Zone A.

The station was inaugurated on 15 July 1941 when Line 3 was extended from Sol to Argüelles.

Argüelles is a terminus station, and the platforms were built at the same level as the Line 3 platforms, which prevents the line from being extended westward.

[5][6] They are deeper than the other platforms, and are located between Marqués de Urquijo and Buen Suceso streets.

The station was part of the extensive renovations of Line 3 during the summers of 2004, 2005, and 2006, during which the platforms were expanded from 60 m (200 ft) to 90 m (300 ft) and improvements were made for accessibility.