The opera house was located on the site of a pre-existing theatre, at Carré Marigny. It was inaugurated on July 5, 1855 under the baton of Offenbach, with his bouffonerie musicale Les deux aveugles. On December 29, 1856, a new hall was inaugurated at the location of the Théâtre Comte.
The term opéra bouffe was used by Offenbach to describe many of his works. Prior to launching his own theatre, he had been the conductor of the Théâtre Français and his reputation as a composer for the stage had not yet reached its apogee. It was not until the launch of his own theatre as a venue for the staging of his works that Offenbach achieved an international reputation.
In 1862, upon the departure of Offenbach, the new director tore down the existing hall to erect one with a larger capacity.
While the Théâtre des Bouffes-Parisiens is indelibly linked to Offenbach, it has also been the venue for a number of other important works. In addition to Offenbach's own operettas, the theatre has seen the premieres of musical works by Hervé, Emmanuel Chabrier and Claude Terrasse and playwrights such as Robert de Flers, Albert Willemetz, Sacha Guitry and Henri Bernstein.