The venue was opened in 1932 as the Gaumont Palace and seated nearly 3,500 people. It was designed by Robert Cromie in the Art Deco style. In 1962, the building was renamed Hammersmith Odeon, a name many people still use for the venue along with the abbreviation "Hammy-O". It became a Grade II listed building in 1990. The venue was later refurbished and renamed Labatt's Apollo following a sponsorship deal with Labatt Brewing Company (1993 or 1994).
In 2002, the venue was again renamed, this time to Carling Apollo after Carling brewery struck a deal with the owners, US-based Clear Channel Entertainment (spun off as Live Nation (Venues) UK Ltd in 2005). The venue's listing was upgraded to Grade II* status in 2005. In 2003, the stalls seats were made removable and now some concerts have full seating whilst others have standing-only in the stalls. In the latter format the venue can accommodate around 5,000 people. The event was marked by rock band AC/DC playing an exclusive one-off concert and only charging £10 per ticket. All 5,000 tickets sold out in 4 minutes. In 2006, the venue reverted to its former name, the Hammersmith Apollo. In 2007, the original 1932 Compton pipe organ, still present from the building's days as a cinema, was restored. The building then changed hands and was bought by the MAMA Group.
On 14 January 2009, a placing announcement by HMV Group revealed that by selling additional shares, the company would raise money to fund a joint venture with the MAMA Group, to run eleven live music venues across the United Kingdom, including the Hammersmith Apollo. As a result, the venue was named HMV Apollo from 2009 until 2012. Other venues purchased include The Forum in London's Kentish Town, the Birmingham Institute and Aberdeen's Moshulu. The venue was sold by HMV Group in May 2012 to AEG Live and CTS Eventim. In 2013, the venue was closed for an extensive refurbishment which was carried out by award-winning architect Foster Wilson. The venue reopened as the Eventim Apollo on 7 September 2013, with a concert performance by Selena Gomez.