This theatre's names were earlier: City Theatre (Hungarian: Városi Színház-German: Stadt-Theater)

The Neo-Renaissance building was built in 1885–1886 during the time of Austria-Hungary, based on a design by the Viennese architects Fellner & Helmer, who designed theatre buildings in 10 European countries. It was opened as the City Theatre on September 22, 1886 with the opera Bánk bán of Ferenc Erkel, which is one of the most important Hungarian opera.

As a sign of this event's importance Kálmán Tisza Hungarian Prime Minister and his all government, Mór Jókai took part on this ceremony. Gala performance was conducted by Ferenc Erkel himself. The original building was designed for 1000 spectators and was illuminated using 800 gas lamps, while the auditorium had a lustre with 64 lights. The interior was decorated, with frescos of by Pressburg native painter Kornél Spányik and by paintings by Munich artist Leo Lüttgendorf-Leinburg, among others. The City Theatre was hired by German and Hungarian professional theatre companies, but beginning in 1919 (at the creation of Czechoslovakia), it was used by Czech and later also Slovak ensembles (see above). In 1920 it became the Slovak National Theatre.

The new building was constructed on the site of a previous Classic style theatre built in 1776, the first permanent theatre building in Slovakia, which was demolished in 1884. Bratislava native sculptor Victor Tilgner crafted the famous Ganymede's Fountain in 1888, now located immediately in front of the theatre.