[1] Initially opened as Waterloo, the station was given its current name of Yarragon on 17 December 1883.

[1] In 1955, electrification of the line was extended from Warragul to Moe, passing through the station.

During August 1988, the double line block system between Yarragon and Warragul was abolished,[2] with automatic three position signalling introduced.

[2] Steam locomotive K162 is on display, opposite the entrance to Platform 1.

This locomotive was exchanged for K183 of the same class, when Steamrail Victoria deemed the latter to be in better condition.