The station was first opened in 1848 by the London and South Western Railway, and replaced the earlier Nine Elms as it was closer to the West End. It was never designed to be a terminus, as the original intention was to continue the line towards the City of London, and consequently the station developed in a haphazard fashion leading to difficulty finding the correct platform. The station was rebuilt in the early 20th century, opening in 1922, and included the Victory Arch over the main entrance, which commemorated World War I. Waterloo was the last London terminus to provide steam-powered services, which ended in 1967. The station was the London terminus for Eurostar international trains from 1994 until 2007, when they were transferred to St. Pancras International.

The station was designed by William Tite and opened on 11 July 1848 as "Waterloo Bridge Station".[4] Nine Elms closed for regular services at the same time, but Queen Victoria was fond of the privacy afforded by the old station, so it was kept open for her, and a replacement private station built on Wandsworth Road in 1854. Waterloo Bridge was originally laid out as a through station, as it was expected that services would eventually continue towards the City of London. The L&SWR purchased several properties along the route, before the plans were cancelled owing to the financial crisis following the Panic of 1847.[4] In October 1882, Waterloo Bridge station was officially renamed Waterloo, reflecting long-standing common usage, even in some L&SWR timetables.[4]