The Erie Electric Motor Company leased the park in 1896 and renamed it "Waldameer" to appeal to the area's large German immigrant population.

The trolley car company extended service to its new park, making Waldameer a terminus on the line in the hopes of increasing passenger traffic.

[3] Early draws of the park included its beaches, a dance hall with live music, its 1905 carousel, and a German beer garden featuring singing waiters.

Both were designed and built by dark ride specialist Bill Tracy and his company, Amusement Display Associates of Cape May, New Jersey.

[6] The remaining funds from the auction were used to purchase a new carousel from Chance Rides with sixty operating horses, which also opened in 1989.

In 2008, the highly anticipated Ravine Flyer II wooden coaster opened, leading to a 20% increase in attendance, and the busiest season in park history.

A new family-oriented area called the North End opened in 2011 with three new rides: Flying Swings, SS Wally, and Wendy's Tea Party, all built by Zamperla.

In 2015, Waldameer began a water park expansion with the opening of the largest wave pool in the tri-state area.

[11] The 2016 season saw the addition of several small slides and a splash pad for younger children, known as Kidz Zone.

Although Waldameer opened later than usual in 2020 due to the COVID-19 pandemic, the park still added a compact spinning coaster from Italian manufacturer SBF Visa Group and named it Whirlwind.

[19] Additional improvements for 2025 include a redone entrance to Water World and the relocation of the Paratrooper ride, the latter of which will not operate for the 2025 season.In 2008, Ravine Flyer II was named "Best New Ride" in Amusement Today's Golden Ticket Awards and was ranked the 11th best wooden coaster in the world.

[17] Ravine Flyer II has remained in the top 10 best wooden coasters in the world every year since 2009, peaking at number five in 2016.

Both attractions have consistently ranked in the top 10 for their respective categories (Classic Dark Ride and Walkthrough).

Established in 1986, Water World contains 12 major slides, an Endless River, a Heated Relaxing Pool, and two kids' zones.

During the late evening hours of August 8, 1938, the Ravine Flyer coaster failed to clear the hill following the bridge crossing Peninsula Drive.

As the train continued to travel back and forth over Peninsula Drive, passenger Mary Sersch became hysterical.

One investigation into the coaster determined that a locked wheel had caused the train to lose speed over Peninsula Drive, but other reports have stated that the ride was cleared of any wrongdoing.