Funded by a UGC grant and a considerable private donation, the theatre was opened in 1968 as the Collegiate Theatre, and was renamed the Bloomsbury Theatre in 1982. It was renamed again in 2001, to emphasise links with UCL, who use it for student productions 12 weeks a year.
The Bloomsbury Theatre recently returned to the logo designed by cartoonist Gerald Scarfe which it had used for nearly twenty years until 2001.
The theatre building also provides access to the UCL Union Fitness Centre and Clubs and Societies Centre on the 2nd, 3rd and 4th floors. The basement also holds one of the three University Shops. A UCL Union-run cafe is on the Ground Floor. Access to the Main UCL Wilkins Building (Octagon Building) and the UCL Refectory is possible through the theatre building.
UCL alumnus Ricky Gervais has performed two of his standup shows in the theatre, where they were also filmed for release on DVD. Since 2001, the theatre has also provided a residency for the New London Orchestra.