The station was opened by the Central London Railway (CLR) on 30 July 1900. The current station entrance is not the original. The original, disused station building is on the north side of High Holborn at Nos. 31-33, approximately 400 feet (122 m) to the west, closer to High Holborn's junction with Chancery Lane. Originally, provided with four lifts between ground and platform levels, the station was rebuilt in the early 1930s to operate with escalators. It was not possible to construct the inclined escalator shaft between the platforms and the existing entrance and so a new sub-surface ticket hall was constructed below the road junction. The old entrance building became redundant and, in recognition of the location of the new entrance, the station was renamed Chancery Lane (Gray's Inn), although the suffix subsequently fell out of use.
Chancery Lane takes its name from the historic High Court of Chancery, which started its association with the area when Robert de Chesney, the Bishop of Lincoln acquired the 'old Temple' in 1161. In later centuries the Court convened in Lincoln's Inn Old Hall and other buildings there for the Court's purposes, such as the important Six Clerks office. On the eastern side of the street, below Breams Buildings and opposite the Law Society, was the original site of the Domus Conversorum (House of the Converts), a residence and chapel for Jews who had converted to Christianity, founded by King Henry III in the 13th centuryIt is in Zone 1. It is located at the junction of High Holborn, Hatton Garden and Gray's Inn Road, with subway entrances giving access to the ticket office under the roadway. From there escalators descend to the platforms. It has the shortest escalators on the tube network. The station has escalators, wi-fi and payphones.
Connections: London Buses routes 8; 25; 17; 45; 46; 242; 341; 521 and night route N8 serve the station.