The South Melbourne Market commenced operation in 1867 on land made available under a Crown Grant  to the former City of South Melbourne.  The original market covered the area bounded by Coventry, Cecil and York Streets and the St Kilda railway line in South Melbourne.

A roof top car-park was added in the 1970’s. The original A and B Sheds in Coventry Street were destroyed by fire in the 1980’s and rebuilt.  The land in York Street adjacent to the current buildings was used as the City of South Melbourne’s Works Depot for many years and cleared to build the present asphalted car park in the early 1990’s.  The Food Hall in Coventry Street was added in the mid 1990’s, replacing part of the original market structure.

A Council owned and operated Child Care Centre was built on a parcel of the original land in Coventry Street adjacent to the St Kilda railway line in the late 1980’s.

Ownership of the South Melbourne Market transferred to the Port Phillip City Council (the Council) as part of the Victorian Local Government rationalisation and amalgamation program in 1994.