It was opened in 1901 as part of the City & South London Railway's extension from Moorgate Street to Angel.

From the start, City Road station was little used, and discussions of its closure were held as early as 1908: less than seven years after it was opened.

However, City Road remained until 8 August 1922 when the City & South London Railway's northern section between Euston and Moorgate Street was closed to enable the diameter of the tunnels to be increased from 10 ft 6 in (3.20 m) to the Underground's standard diameter of 11 ft 8+1⁄4 in (3.56 m), so that larger and longer Standard Stock trains could be operated.

Low passenger usage meant that the required expansion of the platform tunnels and upgrading of the station could not be justified on financial grounds, and City Road remained closed when the line was reopened on 20 April 1924.

[2] At track level the temporary structures for the air-raid shelter were removed after the war and the site of the platforms can be seen from passing trains.