Construction began November 2, 1916, when the contract was signed and approved by the Board of The Masonic Temple Company for the tearing down of an existing church and excavation.

The Masonic ceremony of laying the cornerstone occurring November 17, 1917, with the first Lodge meeting taking place on New Year's Day, 1918.

Although the location remained historically significant and was added to the City of Toronto Heritage Property Inventory in 1974, the building has changed hands a number of times.

In 1997, it was threatened with demolition: a developer had planned a new highrise residential building marketed to Asians, solely to exploit its "lucky" address of 888 Yonge Street,[4] It was designated under the Ontario Heritage Act in the same year.

From 2018 to 2023, the venue leased its space for the Sunday services of Hillsong Canada, a charismatic Christian megachurch pastored by Damian and Julie Bassett.