Even though the Phoenix Theatre was built in 1930, there have been prior performance venues standing on the location. The Alcazar Music Hall hosted three acts simultaneously in one space.
Noel Coward had a close relationship with the Phoenix Theatre; its debut production was Private Lives, and his 1936 return with three one-act plays collectively called Tonight at 8:30 were a huge success. Noël Coward and Gertrude Lawrence had a strong relationship with the theatre; the first production there starred both of them, and they referred to it as "our theatre".
A musical adaptation of Chaucer’s Canterbury Tales ran for 2000 performances. Musicals turned out to be the Phoenix Theatre’s lifeblood for many years to come through Into the Woods and Blood Brothers. It's currently home to Come From Away, which won best new musical at the 2019 Olivier Awards.
The Phoenix Garden, a community garden built on a former car park, is located behind the theatre.