[4] Since 9 November 2023, the station has remained closed for modernization work on the tunnel and the line's technical equipment.

[2][3] The station's name comes from the Bosque de Chapultepec, a large nearby park that contains a hill with the same name.

[2] The station was opened on 5 September 1969 with service eastward to Sevilla, when Chapultepec served as the western terminus of Line 1.

[2][3] Despite no longer being a terminal and not being a transfer station for other metro lines, the station does play an important role as a bus transfer station, connecting with a vast array of microbuses that service the north of Mexico City and areas in the adjacent State of México, such as Ciudad Satélite, Valle Dorado, Arboledas and Cuautitlán Izcalli.

The station is also served by two trolleybus lines of STE: One is L2 (formerly route S), which runs east from Chapultepec to Metro Velódromo along the arterial thoroughfares known as Eje 2 Sur and Eje 2A Sur and is one of two high-frequency trolleybus lines that STE calls "Zero-Emissions Corridors".