Built in 1936 at the astronomical (especially during the Great Depression) price of $1.2 million, the building was the most expensive per unit area of any structure built in Texas. It was designed for the centennial of the Republic of Texas by architect George Dahl in the beaux arts style and is considered one of the most representative examples of art deco architecture in Texas. The Hall of State is the culmination of the 1,500 ft (460 m) long Esplanade of State which is flanked by six exhibition pavilions and features a long reflecting pool. It was built using Texas limestone and features many memorials to many of the heroes of Texas history.

The Dallas Historical Society has been responsible for managing the Hall of State since 1938. The Hall of State is listed on the National Register of Historic Places as a part of Fair Park. In 1986, the building was restored at a cost of approximately $1.5 million.