The rock probably was originally formed 2,500–3,000 feet (750–1,000 meters) below the Earth's surface, but it was exposed after millions of years of erosion.

Radiometric age determinations of the minette establish that these volcanic rocks solidified about 27 million years ago.

Shiprock is in the northeastern part of the Navajo volcanic field—a field that includes intrusions and flows of minette and other unusual igneous rocks that formed about 30 million years ago.

[9][10] The recorded first ascent was in 1939, by a Sierra Club party including David Brower, Raffi Bedayn, Bestor Robinson and John Dyer.

At that time there was a widespread rumor of a $1000 prize for climbing the peak, which inspired "dozens of attempts by the experienced and inexperienced alike".

A 2006 press release addressing Monument Valley, another area of monoliths within the Navajo Nation, states:

Yet several websites have postings on how to evade Navajo Nation regulations and proceed with dangerous and illegal rock climbs in [Monument Valley].

Even more serious than the possible physical harm illegal climbs could pose is the religious damage done to the Navajo people by these non-Navajo visitors.

"[7] One day, the peak was struck by lightning, obliterating the trail and leaving only a sheer cliff, and stranding the women and children on top to starve.

[7] Navajo legend has it that Bird Monsters (Tsé Ninájálééh) nested on the peak and fed on human flesh.