The site had been occupied by a red brick Georgian marketplace built in 1790. A nearby slaughterhouse had ended the practice of slaughtering animals in the street. Trade had been concentrated here since 1810 when an Act of Parliament forbade street trading in other parts of town. Another Act of Parliament in 1853 allowed Halifax Council to buy the market from its private owners for £7,700.
In 1890, the Markets and Fairs Committee decided to replace the overflowing marketplace with a new structure. Local architects Joseph and John Leeming were engaged to draw up plans. A £50,000 loan was obtained by the Corporation the next year. The final cost rose to £130,000, which was £20,000 over budget. Work on the new market began in October 1892.
On 25th July 1896:
- The Duke and Duchess of York, who later became King George V and Queen Mary, opened the market.
- They also opened the Halifax Royal Infirmary on the same day.
At the time, the opening hours were:
- 8am to 8pm on Mondays to Wednesdays;
- 8am to 4pm on Thursdays
- 8am to 9pm on Fridays;
- and 6am to 10.30pm on Saturdays.
A 5,850 m² (7,000 square yard) canopy of glass and wrought iron covers the space between ornate four storey stone buildings. These are topped with baroque turrets on Southgate and Market Street with single storey stone shops on the other sides. The multi-storey buildings contain living quarters that were for market traders and managers. Water was originally drawn from a well near the Market Street entrance.
There were originally 43 outward facing shops, nearly all butcher's, in the stone buildings. There was also a fish market on Albion Street and three public houses on Market Street. The pubs were the Wheatsheaf, later renamed the Portman and Pickles, the Saddle and the Peacock. The Portman and Pickles was named after Eric Portman and Wilfred Pickles.
At the centre of the market, an 18 metre (60 feet) high octagonal lantern is supported by decorative cast iron columns. Below the lantern a decorative clock was originally visible from most parts of the market. This is now obscured by the taller stalls. Cruciform main passages are mirrored in the structure of the roof. Solid roofing above the passages create four glass roofed quarters, each divided into three sections and glazed with rectangular panes. Flagstones used for flooring in the market, still in good condition, came from Solomon Marshall's quarry at Southowram. This business has since grown into Marshalls PLC. The slope of the site is accommodated without the use of steps.
In 1973, the building's stonework was cleaned. Southgate was made into a pedestrian area the same year and the road was also raised to pavement level.
In 1987, the Civic Trust gave the market an award for its renovated Victorian shop fronts. It commented that the market has "an elegance seldom seen on such a grand scale".
In 1993, the central clock, often used as a meeting point, was refurbished. More than fifty square feet of gold leaf was used in the process.
In 1995, the Halifax Centre Strategy Report recommended moving the fishmongers on Albion Street inside the market. It suggested that this be replaced with shop units to make the market more attractive and increase rental income.