Panther was ordered on 9 January 1896 as one of six 30-knotter destroyers programmed to be built by Lairds under the 1895–1896 shipbuilding programme for the Royal Navy.

Like the other Laird-built 30-knotters, Locust was propelled by two triple expansion steam engines, fed by four Normand boilers, rated at 6,300 ihp (4,700 kW), and was fitted with four funnels.

[8] On 20 April 1901 she was commissioned at Devonport by Lieutenant and Commander A. K. Macrorie to take the place of HMS Osprey in the dockyard's instructional flotilla.

She visited Lemnos in August 1902,[14] and in early January 1903 took part in a three-weeks cruise with other ships of the squadron in the Greek islands around Corfu.

[25][26] On 30 August 1912 the Admiralty directed all destroyers were to be grouped into classes designated by letters based on contract speed and appearance.

[26][29] In July 1914, shortly before the Irish Volunteers carried out the Howth gun-running, the Panther was sent to Dublin Bay to guard against such a measure.

Bulmer Hobson told a colleague "in strict confidence" that an arms landing was planned for Waterford, in the south of the country, hoping that the news would leak to the authorities.

[31] At the outbreak of war, the 7th Flotilla was redeployed to the Humber River for operations off the East coast of Britain.