It is known to locals as 'Liget' In 1896 The Workmen's Insurance Society (Munkásbiztosító Pénztár) started to build a homes for workmen in an unpopulated neighbourhood of Rákoskeresztúr.
The founders were unable to finance the constructions so the homes were eventually bought by middle-class families mainly of merchants, civil servants, and craftsmen.
Rákosliget was attached to Budapest on 1 January 1950 as part of the 17th district.
Rákosliget has its own theatre named after Gyula Gózon, a famous Hungarian actor who lived there.
It also has its own community center called Csekovszky Árpád Művelődési Ház.