This station serves the southern terminus of the East Rail Line in early morning before the first northbound train from Admiralty arrives.

Opened as the new southern terminus of the Kowloon–Canton Railway (KCR) on 24 November 1975, the station was substantially expanded in the 1990s, at which time it was given its present name.

As part of the Sha Tin to Central Link project, the East Rail line was extended across Victoria Harbour to Admiralty via a new immersed tube tunnel to the south of Hung Hom.

Hung Hom station also served as the southern terminus of cross-border through-trains to mainland China, which were halted in 2020 due to the COVID-19 pandemic and officially disused in 2024.

After decades of economic growth in Hong Kong, the station, situated at the seafront of Victoria Harbour, became too small and had no room for expansion.

The old terminal at Tsim Sha Tsui was closed on 29 November 1975.The first passenger train pulled out of Hung Hom the following morning at 8:26 am.

The new station cost HK$150 million and offered modern new facilities including a spacious waiting hall, a restaurant, a bar, a bookstore, a bank, escalators, and closed circuit television.

A HK$1.3 billion expansion of Hung Hom station began on 16 March 1995, which included a new concourse designed by Foster and Partners.

As part of the Sha Tin to Central Link project, two new island platforms were constructed under the eastern side of the existing station podium.

On 25 October 2023, it was announced that the MTR Corporation would be invited by the government of Hong Kong to conduct a preliminary study and submit proposals in 2024 for the redevelopment of an approximately 10-hectare area centred on the station.

On 17 January 2025, MTR announced that the restricted crossing zone at Hung Hom Station for intercity through trains would be rescinded from that day onwards.

[20] On 12 June 2018, Chief Executive Carrie Lam announced that she will appoint a commission on inquiry, headed by Hong Kong judge Michael Hartmann, to investigate the scandal.

Elevated walkways connect the station to the Hong Kong Coliseum; Hong Kong Polytechnic University; the residential area of Hung Hom; and tourist attractions in eastern Tsim Sha Tsui, such as the Science Museum and the Avenue of Stars along Victoria Harbour.