The station was opened on 18 August 1924 as the terminus of the second phase of the Underground Group's extension of the Charing Cross, Euston & Hampstead Railway from Golders Green.

The new Underground station was built on the north edge of the village in open fields and, as intended, the new line stimulated rapid suburban expansion along its length.

The Underground's scheme modified the W&ER's plan to connect to the LNER branch by starting the extension from the Morden-Edgware Line station instead.

The new link at Edgware and others between LNER and Underground tracks near East Finchley station and at Finsbury Park would have made it theoretically possible to travel south from Edgware to central London via three routes: Works to upgrade the existing LNER lines and construction on the new line to Bushey Heath began in the late 1930s but were halted by the outbreak of the Second World War.

The area through which the new Bushey Heath extension was routed was designated as green belt meaning that the planned residential developments were prevented and the need for the stations serving them was removed.

On 27 July 1946, an accident occurred at Edgware when the driver (James Lofting) of a northbound train suffered a heart attack while entering the station.

During 2008–09, Tube Lines carried out work to modernise the station, including the fitting of lifts to enable step-free platform access, improved CCTV coverage and more help points.