It is currently owned by the FJE Group of Companies of Fred J. Elizalde, which also operates hotels and Pasay-based amusement park, Star City.

The origins of MBC can be traced to DZRH, which first went on air as KZRH on the morning of July 15, 1939, by the Heacock Company, a prominent department store based in Escolta Street, Binondo, Manila.

After World War II, the Elizalde brothers (Federico "Fred", Joaquin Miguel "Mike" and Manuel "Manolo") took over KZRH and KYRC.

With the help of station manager Bertrand Silen, KZRH transferred its operations to the Insular Life Building in Plaza Cervantes.

[5] Ben Aniceto began his long media career, working with DZRH, DZMB, and DZPI as a radio talent.

[7] On April 11, 1962, MBC (through its subsidiary, the Metropolitan Broadcasting Company) launched its TV station, DZRH-TV on VHF channel 11.

After the People Power Revolution ended the Marcos dictatorship in 1986, MBC began to expand its FM stations (Love Radio Network) while DZRH continued to broadcast nationwide.

In January 1992, the application of MBC and Springs Foundation's channel 11 (DZRH-TV) to operate was denied by the National Telecommunications Commission, stating that it is "not legally, technically, and financially qualified".

In July 2002, MBC studios were transferred from FJE Building in Makati to CCP Complex in Pasay.

MBC co-hosted the Aliwan Fiesta since 2003, in partnership with Cultural Center of the Philippines, and the cities of Manila and Pasay.

Aliwan Fiesta is an annual event that gathers different cultural festivals of the Philippines in Star City in Pasay wherein contingents compete in dance parade and float competitions, as well as in a beauty pageant.

MBC main offices and studios were affected by a major fire that originated in the nearby theme park and sister company Star City on October 2, 2019.