In 1752, the landowner Johan Anders Lamberg named his property Lisas berg ("Lisa's Mountain") after his wife Elisabeth Söderberg. The area eventually became known as Liseberg.

In 1908, Gothenburg City bought the property, including the on-site buildings, for 225,000 Swedish kronor.

In 1923, Gothenburg celebrated its 300-year anniversary with the Gothenburg Exhibition, which included a Leisure Park and the Congress Park; the area was opened on 8 May and included fun slides and the 980 ft (300 m) long wooden Kanneworffska Funicular, designed by the Danish amusement builder Waldemar Lebech (originally there were five trains with three cars each that accommodated 10 people in each car, the ride lasted 2 minutes 30 seconds; it was demolished in 1987 after having served over 41 million visitors). The fun park was originally intended as a temporary attraction for the exhibition, but it became such a success with over 800,000 visitors in just over a month, that it was kept open. With an area of 1.5 km2 (0.58 sq mi), the park had cost 2.6 million kronors to build.

On 24 November 1924, the Gothenburg City Council decided to purchase the Liseberg amusement park for 1 million kronor. In 1925, the amusement park was taken over by the municipal company Liseberg AB. The park's first director and one of its initiators was the legendary "carpenter from Skåne" Herman Lindholm, who managed it 1923–42.

On 13 August 1935, the functional-inspired Liseberg Bath was inaugurated, created by engineer KI Schön Anderson. The pool was 15 m (49 ft) wide and 36 m (118 ft) long and sported underwater lights and artificial waves. The pool was able to receive 800 people at a time and the entrance fee with a cabin was 50 öre. The Swedish Olympic hopeful champion from 1920, Arvid Wallman, inaugurated the facilities. The pool was closed in 1956 and the building was demolished in 1962 for the forthcoming 40th anniversary in 1963.

Rotundan was one of the largest dancehalls when it opened on 10 January 1940. Its architect was Axel Jonson, and the construction lasted for one year at a cost of approximately 500,000 SEK. The dance floor held 1,200 people and on the second floor a bar with the name Uggleklubben was opened. In 1956, the facility was renovated and its name changed to the Rondo. The architect Gunnar Aspe was behind the work, which cost 1 million dollars.

In 1947, Liseberg AB opened hotel facilities; Hotell Liseberg Heden. Right from the start one of the objectives of Liseberg was that it would be an opportunity for Gothenburg dwellers to experience recreation and the scenery, and in 1959 it opened the Princess Birgitta, a flower exhibition. During the opening ceremony, 15,000 roses were strewn over the park by helicopter. In 1977, Honor Place was founded, a collection of many of the world's largest celebrity hand impressions. At the time, there were 50 imprints; today, there are more than can fit the area, so an annual selection is made as to who should get the honor to appear.

In 1991, the Liseberg Guest AB was formed to oversee the running of Gothenburg campsites and harbor. In the 1990s, the park was expanded by 35,000 m2 (380,000 sq ft) and a host of new attractions were inaugurated. In 2015, Liseberg's different companies consolidated into one: Liseberg AB.