Before it became Queen Victoria Market it was known as Motley Market, It first opened under its present name in 1878. Before it was a market the site was used as a cemetery, many but not all of the people buried there were exhumed and moved to other cemeteries around Melbourne. It also was used as a livestock market. The market is spread over 7 hectres and is said to be the largest open air market in the southern hemisphere. Over the years some parts have been roofed and inner buildings have been constructed. The market is a listed historic place by Victoria Heritage and work is continually done to preserve and restore so it may continue for many more years.

The market is thought to be haunted by some of the people who are still buried beneath it, as some are still not left in peace as their bone have been disturbed as work is carried out on the market. 2 male ghost are often seen around the fruit selling area.