The Al Hirschfield Theatre first opened with a production of Madame Pompadour on Nov. 11, 1924. The venue was originally named the Martin Beck Theatre — named after its proprietor, the vaudeville promoter Martin Beck. The theatre was the only theatre in New York at that time to be wholly owned, with no mortgage requirements.

It was designed by G. Albert Lansburgh and only changed its name to the Al Hirschfeld theatre on 21st June 2003 in honour of the late Broadway caricaturist, who had died in January 2003. The theatre's current owner and operator - Jujamcyn Theatres - purchased the venue from the Beck family in 1965.