Founders Gerd Schüler and Michael Presinger opened the club on November 8, 1978, intending to offer events similar to those at Studio 54 in New York City.

Famous DJs who played at Dorian Gray were Carl Cox, Paul van Dyk, Sven Väth, Torsten Fenslau, Ulli Brenner, Michael Münzing (one half of Snap!

), DJ Dag, Talla 2XLC, Tom Wax, Mark Spoon, Heinz Felber, Pete Marvelous, Paul Oakenfold, Pascal FEOS, Björn Mulik and Andy Düx.

On 31 December 2000 the nightclub ceased operations in Frankfurt am Main, due to continuing problems in securing fire safety certification from the airport inspectorate.

In early 2003, both original owners started a new nightclub in Berlin on Potsdamer Platz, which, however, had to file for insolvency already in the following year due to rent debts.