The original station opened on May 14, 1906 under the name Wilhelmplatz, together with Deutsche Oper the first of several U-Bahn stations designed by Alfred Grenander. It then was the western terminus of the first Berlin U-Bahn line (Stammstrecke) after the line's extension from Knie (today Ernst-Reuter-Platz) to the Charlottenburg town hall. Nevertheless further extensions in 1908 branched off at Deutsche Oper straight westwards to Reichskanzlerplatz (today Theodor-Heuss-Platz) and the affluent Westend area, so the track to Wilhelmplatz remained a stub. In 1935 the station was renamed after the composer Richard Wagner.
A short-distance train from Deutsche Oper served the station until it was finally closed and demolished in 1970. A new Richard-Wagner-Platz station opened on April 28, 1978 with the extension of the U7 line from Fehrbelliner Platz. As the old tunnel has been preserved there is still a direct connection to the at Deutsche Oper, mainly used for maintenance purposes.