[2] It is named after Charles Augustus FitzRoy, Governor of New South Wales (which included the area of Victoria) in 1842 when St Kilda was first subdivided.

It is sometimes closed to traffic for major events such as the St Kilda Festival, the Melbourne Marathon and the Midsumma Pride March.

Like St Kilda as a whole, Fitzroy Street in the middle to late 19th century was mainly a wealthy residential address, lined with grand houses, terraces and hotels.

From the 1960s to the 1980s, Fitzroy Street became the public face of the transformation of St Kilda from popular seaside entertainment and apartment living to red light district and cheap flats.

The street featured cheap late night eateries, prostitution, and drag cabaret shows, as well as punk rock and alternative music venues, such as the Crystal Ballroom and the Prince of Wales Hotel.