The station was first opened on 24 September 1900 by the Central London Railway, three months after the first stations on the Central line opened. The surface building was designed, in common with all original CLR stations, by the architect Harry Bell Measures. The original plans for the railway included a station at Davies Street rather than Bond Street.
The station has seen several major reconstructions. The first, which saw the original lifts replaced by escalators, a new sub-surface ticket hall and a new façade to the station, designed by the architect Charles Holden, came into use on 8 June 1926. This was demolished with the construction of the "West One" shopping arcade in the 1980s, a period that had also seen the Jubilee line services to this station commence on 1 May 1979. Some slight elements of the original facade do survive above the eastern entrance to the station.
In 2007 the station underwent a major modernisation, removing the murals installed on the Central line platforms in the 1980s and replacing them with plain white tiles, in a style similar to those when the station opened in 1900.
Crossrail line 1 will call at Bond Street. Services are due to commence in 2018. The station will be reconstructed to accommodate the extra platforms and increased pedestrian traffic. This will include a new street level entrance on the north side of Oxford Street. The station is to become one of many newly made "step free" stations. This means that there will be lifts to provide a step free way to access the platforms. Engineers and architects undertaking work on the station include Abbey Pynford,John McAslan and Lifschutz Davidson Sandilands.