The name Sombrero Key goes back to the Spanish, and old charts show a small island at the spot, but by the later 19th Century the island had eroded, with some parts of the reef exposed at low tide.

As a result, the reef and the lighthouse have also been called Dry Banks.

The upper platform, 40 feet (12 m) above the water, held the quarters for the staff.

The Sombrero Key Light is the tallest lighthouse in the Florida Keys, and was the last lighthouse constructed under the supervision of Lieutenant George Meade of the Bureau of Topographical Engineers.

On February 1, 2019 it was announced that the lighthouse would be given away freely to any government agencies, educational agencies, non-profit corporations, or any community development organizations who wanted to use it for "educational, park, recreational, cultural or historic preservation purposes."