The first curtain went up on December 25, 1923, on Mary Jane McKane, a musical co-written by Oscar Hammerstein II that ran 151 performances. The next year Rudolf Friml's operetta Rose-Marie passed 500 performances, and its profits helped pay for Hammerstein's Theatre, a memorial to Oscar Hammerstein I.
Cole Porter scored Jubilee (1935) and Leave It to Me! (1938), in which Mary Martin made her Broadway debut. Four Irving Berlin shows played here, among them Annie Get Your Gun (1946), a 1,147-performance hit starring Ethel Merman; she returned for Call Me Madam in 1950 and Gypsy in 1960. In 1952 Wish You Were Here put a working swimming pool on stage. After a Depression-era receivership, the building passed through two other owners in 1940 and 1941 before the Shuberts regained it by 1956.
Oliver! had its Broadway premiere here in 1963, and Fiddler on the Roof opened in 1964 with Zero Mostel and stayed nearly three years. Pippin (1972), with Ben Vereen, played here for more than four years. Neil Simon's Chapter Two (1977) set the house record for a play at 857 performances, and Dreamgirls (1981) logged 1,522. The Tony Awards ceremony was held here in 1973 and 1982.
Les Misérables moved in from the Broadway Theatre in 1990 and stayed until it closed in 2003 after 6,680 Broadway performances, by then the second-longest run in Broadway history. Billy Elliot the Musical, winner of the Tony Award for Best Musical, opened in 2008. The COVID-19 pandemic shut the theater on March 12, 2020; it reopened on October 16, 2021, with Ain't Too Proud. Chess, which played here in 1988, returned in 2025 for a revival that closed in June 2026.
The New York City Landmarks Preservation Commission protected the interior, though not the exterior, on November 17, 1987. A lawsuit by the Shuberts and other owners against that round of designations failed in 1992.