It was opened in 1882 during the construction of the Metropolitan Railway (MR) to the north. Two years later, the MR and District Railway (now the District line) were connected to form the Inner Circle (now the Circle line) and a new station was built. This new station was opened in 1884 with the name Mark Lane (later renamed Tower Hill), just to the west of the Tower of London station, which closed on the same day.
When the original Tower Hill station was itself closed in 1967, the current Tower Hill station was opened on the site of the closed Tower of London station. The remains of the Tower of London station were demolished during the construction of the new Tower Hill station.