Osborne Park was named after William Osborne, a butcher who owned an abattoir and land on Wanneroo Road and who was elected to the Perth Road Board (the City of Stirling's predecessor), in 1875.
Osborne Park was part of an original crown grant of 6,020 acres given to T. R. C. Walters in 1840. After the death of Walters in 1874, William Osborne bought part of his estate, which included the area now known as Osborne Park.
The suburb was originally market gardens, due to rich peaty soil from the swamps between Lake Monger and Herdsman Lake. The area was popular among Chinese, Italian and Yugoslav settlers. The suburb was founded by a private trading concern and had a tram service in the early 1900s through an extension of the Perth Tram system from the end of the Leederville line. The suburb is now served by the Glendalough Train Station and several bus routes.
Osborne Park became a residential suburb after World War II, but by the 1980s, it was predominantly an industrial area, with only the north-eastern area still residential.