The station is located beside the Moonee Ponds Creek to its west, and surrounded mainly by factories and warehouses.

Kensington, on the Craigieburn line, is only 400 m (1,300 ft) west of Macaulay, and is significantly closer to the residential area and handles a larger number of commuters.

Macaulay station opened on 1 December 1887, three years after the railway line from North Melbourne was extended to Coburg.

[6][7] In May 1972, the suburban train stabling yard near the station, located towards North Melbourne, opened, as part of the City Loop project.

[11] On 17 November 1993, a light repair facility officially opened in the stabling yard, as part of the closure of the Jolimont Workshops.