Construction began on the site on June 22, 1993, almost two weeks after the Canadiens defeated the Los Angeles Kings at the Forum for their 24th and most recent Stanley Cup. The name of the arena initially reflected Molson, Inc., a brewing company which was owner of the Canadiens at the time. Molson elected not to keep the naming rights when they sold the team and the name was officially changed on September 1, 2002, after Bell Canada acquired the naming rights.

On October 14, 2015, it was announced that Bell Centre would undergo renovations, including the replacement of all the seats, renovated hallways and concessions, new restaurants, public Wi-Fi, and the planned conversion of Avenue des Canadiens-de-Montréal (the section of De la Gauchetière Street on which the arena is situated) into a pedestrian-only street. The renovations, which were not expected to interfere with normal operations, have a budget of $100 million.

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