[3][4][5] Martin Place Station was opened on 23 June 1979 as part of the inauguration of the Eastern Suburbs Railway (ESR) line.

13 of 1947, made provision for the construction of further electric railways in the City of Sydney, serving the eastern, southern and south-eastern suburbs.

This Act amended an earlier scheme proposed by John Bradfield in 1916 which had provided for an eastern suburbs line (via St James Station) and a south-eastern railway.

The construction of the line was a contentious political issue, not only because of the extended period over which it was undertaken, but also because of the resumptions and demolitions throughout Woolloomooloo that were required to build it.

The final form of the area was determined by prolonged argument and, ultimately, compromise between the City Council, State Government and authorities and private landowners.

[5] In 1967, the State Government awarded the contract for the civil and structural design of the line to the Snowy Mountains Hydro-Electric Authority.

Concurrent to the development of the station, there were proposals to provide underground access from the railway concourse, under Elizabeth Street, to connect with a retail arcade within the Prudential Building on the southern side of Martin Place.

The area beneath the roadway between Elizabeth and Castlereagh Streets consisted of basements, owned by the council, which had been constructed for an aborted State Savings Bank building.

In reality, the upper two blocks were closed for a number of years to through traffic to allow railway construction, ultimately paving the way for permanent closure.

Thirdly, the lessee of the old basements of the aborted State Savings Building, Prudential Insurance Company, were reluctant to surrender their lease to Council "The architects were trying to bring all these issues together so that the MLC tunnel under Castlereagh Street would connect into a naturally lit shopping arcade in the basements and then join under Elizabeth Street to the railway concourse.

[9] As part of the Sydney Metro City & Southwest project, a further two platforms have opened in August 2024, as well as the Muru Giligu walkway ("path of light") to the Hunter Street exit.

The station and platforms are constructed of reinforced concrete finished with pre-cast white terrazzo panels, and red glazed ceramic wall tiles.

The tunnel carries air conditioning services from an underground room, which is located beneath two ventilation towers in The Domain, by the side of the road behind Sydney Hospital.

It is a good example of a Late Twentieth-Century International style structure which is highly intact with many of its original materials and finishes still in place.

[5] Martin Place railway station was listed on the New South Wales State Heritage Register on 2 April 1999 having satisfied the following criteria.