Beatty purchased the manuscript in the 1930s from an Egyptian book dealer, and it was subsequently published in The Chester Beatty Biblical Papyri, Descriptions and Texts of Twelve Manuscripts on Papyrus of the Greek Bible by palaeographer, biblical and classical scholar Frederic G. Kenyon in 1933.

[4]: vii The manuscript is currently housed at the Chester Beatty Library, Dublin, Ireland, except for one leaf containing Matt.

The papyrus was bound in a codex (the forerunner to the modern book), which may have consisted of 220 pages, however only 30 survive (two of Matthew, six of Mark, seven of Luke, two of John, and thirteen of Acts).

[7]: 205–230  Kenyon identified the text of the Gospel of Mark in the manuscript as representing the Caesarean text-type, following the definition of the group by biblical scholar Burnett Hillman Streeter.

[11]: 262  Reverend Hollis Huston criticized Kenyon's transcription of various partially surviving words, and concluded that chapters 6 and 11 of Mark in 𝔓45 could not neatly fit into one of the established textual groupings, especially not Caesarean, due to the manuscript predating the distinctive texts for each type from the 4th and 5th centuries.

[6]: 55–56  Therefore, these manuscripts were made under a controlled setting, whereas the early papyri weren't, hence the specific text-type groups could be established.

While still difficult to place historically in a category of texts, contrary to Kenyon, including 𝔓45 as a representative of the Caesarean text-type has been undermined.

In Mark, an analysis of the various readings noted in the textual apparatus of the United Bible Society's Greek New Testament (4th ed.)