The street existed in 1796 when a congregation gathered at a meeting hall for a sermon.
The Birmingham and Midland Institute had its first building on Paradise Street (opened 1860) but moved to Margaret Street when the Inner Ring Road (A4400) was developed in the 1960s.
The head office building of the Birmingham Canal Navigations was built opposite the western end of Paradise Street.
For a few years in the 1960s Birmingham Borough Labour Party had its office at 25A Paradise Street.
The street gave its name to Paradise Circus, which lies adjacent.