The original station, named Matico, opened on 30 June 1887 as part of the narrow-gauge Bilbao-Las Arenas railway, which connected the city of Bilbao with Getxo.

[1] Matico station became a relevant hub for the city's narrow gauge railways, due to being the location of where the single railtrack coming from Getxo and Plentzia branched into three different tunnels.

[2] The branch towards Bilbao-San Agustín was closed down in 1973[1] In 1977 the FTS network was transferred to the public company FEVE and in 1982 to the recently created Euskotren.

The station, then renamed Matiko following the modern Basque orthography, was then part of a series of renovation projects commissioned by the Basque Government which included the creation of the Metro Bilbao's line 1 using sections of the Bilbao-Plencia and Matico-Azbarren railways, which caused Matiko to become disconnected from both lines, as the station was not part of the new metro network.

[6] The new underground Matiko station opened on 8 April 2017, integrated into Metro Bilbao's line 3, which is operated by Euskotren Trena.

[8] Matiko is a partially underground station, built on the site of a former railway trench in the district of Uribarri in Bilbao.