The station was originally proposed as the Hepburn station under the Northern Suburbs Transit System Masterplan in 1989 to coincide with the Hepburn Heights development. The master plan placed the station as a future station until demand of the railway and suburbs warranted the construction of the station.
After being promised a number of times but not delivered,[1][2] construction finally began in 2004 with the aim of reducing peak demand at the nearby Warwick and Whitfords stations, opening on 29 January 2005.[3][4][5]
In 2023, tenders were called for the construction of a multi-storey carpark that would increase the station's parking capacity by 700 bays to 1600.[6]
Greenwood station saw 611,508 passengers in the 2013–14 financial year.[8] In March 2018, Greenwood station had approximately 2,350 boardings on an average weekday, making it the third least used station on the Joondalup line.[9]
Buses were provided at Greenwood station under trial by routes 451 to Kingsway Shopping Centre and 456 to Hillarys Boat Harbour, however both services were ultimately unsuccessful and withdrawn.[10][11] Now the station is only served by rail replacement buses.