The first building here was a market hall of 1865 to 1867, planned by Friedrich Hitzig. It became a circus arena in 1873 and was rebuilt in 1888 and again as the Olympia theatre in 1897 to 1899. Hans Poelzig transformed it for Max Reinhardt in 1918 and 1919, adding a stucco ceiling of dangling pins and a revolving stage 59 feet (18 m) across.
Air raids damaged it in 1945, and it closed in 1980 after subsidence of the foundation. A new concrete building, whose architect the article does not name, opened on April 27, 1984. It is 360 feet (110 m) long and 262 feet (80 m) wide, with a proscenium arch 79 feet (24 m) wide.
The City of Berlin owns this revue theater, which seats 1,895. It has hosted the Berlin International Film Festival since 2009.

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