Formerly known as the Homeopathic Hospital, Prince Henry's Hospital was first established as a dispensary in Spring St in 1869. It remained as an outpatient clinic until 1876 when it was enlarged and transformed into a hospital incorporated in 1877. Under the provision of section 54 of the Hospitals and Charities Act 1928 (No. 3699), the name of the institution was changed from Homeopathic Hospital to Prince Henry's Hospital in November 1934.

A permanent site was granted by the Government in St Kilda Road with the erection of the main administrative block and north wing with a south wing being established for surgical cases in 1890. The hospital came under the control of the Public Health Department in 1919. Prince Henry's Hospital was closed, the buildings demolished and the site sold in 1994.

Responsibility for patients and medical records was transferred to Monash Medical Centre