The site of the present theater was in the early 19th century property of the governor Dumitrache Ghica. Here stood a building from the 18th century, which served as temporary royal residence between 1813 and 1825.
The journalist Emil Lahovary, the owner of the estate in the early 20th century, asked the Romanian architect Grigore Cherchez to design in this place a building complex, which consisted of the Comedy Theater (today’s Odeon Theater) and of two other buildings, a residential building and the Hotel Majestic, both flanking the theater. Between the three buildings, there were two passages, named Comedia and Majestic. The complex was inaugurated in 1911.
Over the time, the public square in front of the theater has been closed by newer buildings and the facade of the theater disappeared from the Victory Avenue. During communism, the name of the theater changed to Workers’ Theater CFR Giulești.
The buildings around the theater were severely damaged during the bombardments in 1944 and the earthquake in 1977 and partly demolished, so that the square in front of the theater appeared again. After the fall of communism, the theater got its present name, Odeon Theater.