When Hamilton Hume and William Hovell arrived at the bay in 1824 they met with the local Wautharong people who referred to the bay as "Jillong" and the surround land "Corayo", but by the time the area was surveyed in the late 1830s the Aboriginal names had been swapped.

Ships were required to drop anchor in the bay, and cargo was brought into Geelong on small barges.

[6] Management of the channels and port was the responsibility of the Geelong Harbour Trust that was formed in December 1905.

The authority was privatised by the State Government in mid 1996, being sold to TNT Logistics for $49.6 million.

The shores of Corio Bay have been a popular playground for Geelong residents.