Monterey was built to promote travel to Hawaii and for Pacific Ocean liner service including regular stops in ports along the West Coast of the United States, Samoa, Fiji, New Zealand and Australia.

She scored a public relations triumph when she carried much-appreciated supplies to the Bear of Oakland on Byrd's second expedition to the South Pole.

In World War II Monterey served as a fast troop carrier, often operating alone so she would not be slowed by formation navigation in a convoy.

The United States Maritime Commission chartered her in 1941 before the US declaration of war to carry 150 Chinese, Korean and Japanese missionaries and stranded US citizens back to San Francisco.

Within five years, profits from passenger service had fallen to the point where Matson decided to anchor Matsonia indefinitely in San Francisco Bay.

Sister ship Lurline continued to operate but suffered a major turbine problem in February 1963; one that would require costly repairs.

She re-entered service on 21 February 1971 under the Chandris 'Fantasy Cruises' division, leaving Southampton bound for Sydney and back; a regular round-trip she would make for three years.

On 3 July 2000, Belofin-1 was towed by the Ukrainian tug Iribis out of Tampa Bay with the former CN Marine ferry MV Bluenose lashed to her port side.

In the Earle Stanley Gardner novel The Case of the Stuttering Bishop (1936), the titular character is revealed to have traveled from Australia to San Francisco aboard the Monterey.

The song "Bridal Train", released in 2004, is about the war brides who travelled on the Monterey in 1946, and refers to the ship by name in the opening lines.