The station was built for the extension to the Metropolitan Railway and opened as "Chorley Wood" on 8 July 1889. It was renamed "Chorley Wood & Chenies" on 1 November 1915. In 1934 it reverted to the original name, which changed to the present name during 1964.
Chorleywood station was formerly served by steam hauled Metropolitan line trains from Aylesbury to London, with a changeover to an electric locomotive at Rickmansworth. The electrification north of Rickmansworth (to Amersham and Chesham) was completed in 1960, with steam trains being withdrawn in 1961. From the early 1960s to 2012, Metropolitan line trains at Chorleywood were formed of London Underground A60 Stock (and the almost identical A62 Stock), but were replaced by London Underground S8 stock. Chiltern Railways (Aylesbury-Marylebone) trains are formed by Class 165 diesel multiple units.
Between October 2004 and December 2011 almost all southbound Metropolitan line trains from Chorleywood into London were fast trains to Baker Street, calling at Rickmansworth, Moor Park, Harrow-on-the-Hill, Wembley Park, Finchley Road and Baker Street. Since December 2011 only a few morning peak hour Metropolitan line trains have been operated as fast trains, at other times the trains mostly call at all stations, adding over 10 minutes to journey times. The journey to central London takes around 35–50 minutes depending on the line and time of day. Northbound Metropolitan line trains call at all stations to Amersham or Chesham.