The history of this professional theatre started in Kharkiv, when a new troupe of actors was organized in November 1931. In July 1940 the troupe moved to Chernivtsi.

The building of the theatre is one of the most beautiful architectural monuments in the city. It was built in 1905 by Austrian architects F. Fellner and G. Gellmer who also built Vienna (Austria) and Odessa (Ukraine) opera houses.