The park is named after José Rizal, the de facto national hero of the Philippines.

The land that would become Rizal Park was condemned by the city in 1917 for engineering purposes during the regrading of Dearborn and Jackson streets but was left undeveloped for several decades.

[2][3] The city government dedicated Rizal Park on June 7, 1981, with opening ceremonies led by mayor Charles Royer as part of Seattle's "Philippine Week".

The 8.4-acre (3.4 ha) park was designed by Elaine Day LaTourelle with a picnic shelter, an amphitheater, play areas, and a public restroom.

A mural by Val Laigo depicted the cultural diversity of the Philippines and the country's relationship with the United States.