Opened on 24 March 1891, it was named after the nearby Deepdene House. The station was first closed, along with the line, on 12 April 1893. However, it reopened on 14 May 1900, becoming the terminus of the reopened section of the Outer Circle line from Riversdale station. It was served by what became known, ironically, as the Deepdene Dasher, a shuttle service from Riversdale, consisting of one or two "American-style" carriages hauled by a steam locomotive.[1]: 62 The line was reopened beyond Deepdene on 11 February 1925, to allow a goods service to be run to East Kew station.
In the 1920s, almost all Melbourne suburban lines were electrified, but the lack of traffic on the Deepdene line meant that it was excluded from the electrification program. The Deepdene Dasher became one of the last steam-hauled passenger services in suburban Melbourne. On 15 August 1926, the final steam-hauled Deepdene Dasher ran, being replaced next day by two AEC railmotors coupled back to back.[1]: 63 The passenger service was withdrawn on 9 October 1927, and the station closed to traffic, with the train being replaced by a bus service from East Camberwell station to Deepdene.
The station building was destroyed by fire in 1927, which was believed to have been caused by a swagman.[2] The former departmental residence, which was located alongside the Whitehorse Road level crossing, was demolished in 1938.[2] Until 1943, goods services to East Kew continued to pass through the site of Deepdene station.
