Balaclava station opened on 19 December 1859, when the railway line from Windsor was extended to North Brighton.

In the same week, another man found a second drum under the platform, containing a similar quantity of money, which he also turned in to the police.

Because no one claimed it, the men were granted ownership of the money they found, despite being considered trespassers on land owned by the then Public Transport Corporation.

It involved widening the platforms, improving stair and ramp access, signage, booking office facilities, waiting rooms, wheelchair shelters and toilets, and the provision of new station canopies to increase weather protection.

[11][12][13][14] Following a 2019 commitment by the Federal Government, the station was due to receive an upgraded commuter car-park.