Located in the Near North Side neighborhood at 300 W Chicago Avenue at West Chicago Avenue and North Franklin Street in Chicago, Illinois (directional coordinates 800 North, 300 West), the station opened in 1900 as part of the original series of stations on the Northwestern Elevated.

A high density of art galleries and several schools is in the vicinity of the station, including the Moody Bible Institute.

In the decades prior to the Brown Line Capacity Expansion Project, the northern, curved parts of the platforms were blocked off to passenger use; trains stopped south of Chicago Avenue along the straighter portion of the track which was long enough for eight-car trains.

Chicago/Franklin received major renovations as part of the Brown Line Capacity Expansion Project.

The station houses were constructed above street level on the south side of Chicago Avenue alongside each platform.