Swiss Cottage is 550 yards (500 m) from South Hampstead station on the London Overground's Lioness line, however this is not a recognised out-of-station interchange.

The station was opened on 20 November 1939, on a new section of deep-level tunnel constructed between Baker Street and Finchley Road stations when the Metropolitan line's services on its Stanmore branch were transferred to the Bakerloo line.

It is named after a nearby pub built in 1803–4, originally called The Swiss Tavern and later renamed Swiss Cottage.

The new station initially operated as part of a combined station with the Metropolitan line's adjacent sub-surface Swiss Cottage station (platforms 1 and 2 were Metropolitan line and 3 and 4 were Bakerloo line), but the Metropolitan line station was closed on 17 August 1940.

The station was used extensively during The Blitz of World War II as an air raid shelter.