Opened in 1848, Waterloo is the UK's largest station, covering an area of 24.5 acres with 19 platforms currently in use. The station was completely rebuilt between 1900 and 1922. Notable features include the Imperial Baroque style offices, the Victory Arch war memorial, built of Portland stone, the striking glass roof and the large four-faced clock hanging in the middle of the main concourse.

In 2012 a balcony was completed along almost the whole width of the concourse at the first-floor level, accessed by escalators and stairs. The balcony includes retail spaces and a champagne bar.

The former Eurostar platforms are now in operation as part of the main station, with a new concourse of retail outlets and cafes, etc. underneath.

In 1898, an underground station was constructed to link Waterloo with Bank Station in the City of London. Nicknamed 'The Drain', the line is still in use and is available for use as a generic London Tube line by film-makers at weekends.