It opened on 30 July 1900, as Queen's Road, and was renamed on 9 September 1946. The building is an unusual survivor of the buildings designed for the Central London Railway by Harry Bell Measures and that opened in 1900.
It was closed between 8 May 2005 and 14 June 2006 for modernisation works. These works were prompted by the need to replace the station's two (very old) lifts, which had been breaking down quite frequently prior to the station's closure. In addition the station has been modernised and retiled, as well as having replicas of the original lamps fitted to the facade.
Metronet, the private maintenance contractors, were originally given a deadline of 9 May 2006 to complete the works. When they failed to meet this or the revised 12 June deadline, Transport for London issued a harshly worded press release quoting London Underground Managing Director Tim O'Toole as saying "This is a further, and one hopes final, pathetic delay on a project that Metronet has failed to manage to time." The station finally re-opened on 14 June 2006.
During modernisation, the closest station was Bayswater on the Circle and District lines, which is also located in Queensway approximately 100 metres north of the Queensway station. While the 2 stations are in close proximity, they are not connected.
The new Otis lifts proved unreliable. In May 2010 a notice in the ticket hall said that first one lift and then the other would undergo door modifications. The work lasted until August 2010.