It was founded as the Teatrul cel Mare din București ("Grand Theatre of Bucharest") in 1852, its first director being Costache Caragiale.

In 1840, Obşteasca Adunare (the legislative branch established under the terms of the Imperial Russian-approved Organic Statute) proposed to Alexandru II Ghica, the Prince of Wallachia, a project to build a National Theatre with state support.

The building was built in the baroque style, with 338 stalls on the main floor, three levels of loges, a luxurious foyer with staircases of Carrara marble and a large gallery in which students could attend free of charge.

[2][3] The current National Theatre is located about half a kilometre away from the old site, just south of the Hotel Intercontinental at Piaţa Universităţii (University Square), and has been in use since 1973.

It has had successful performances both in and outside the country: France, Germany, Austria, Yugoslavia, Italy, England, Spain, Portugal, Greece, Brazil, etc.