The Yau Ma Tei Car Park Building and the nearby Yau Ma Tei Government Office occupy the former site of an old market, after which the adjacent Market Street (街市街), considered one of the oldest streets in Kowloon, is named. The market was relocated to the Yau Ma Tei Market (油麻地街市), built in 1957 along Kansu Street.[3][4]
The Yau Ma Tei Car Park Building opened in early 1970.[2] In 1977, the Gascoigne Road Flyover was built to bypass existing surface road and go through the building.
A contract for works including the demolition of the Yau Ma Tei Car Park Building was signed on 6 March 2018 between the Highways Department and Build King-SKEC Joint Venture.[5] The car park was closed in phases starting on 1 November 2020, and finally on 1 January 2021.[6]