Waterdown Memorial Hall was dedicated at a Memorial Service on January 14, 1923. During the service, a commemorative tablet containing the names of all villagers who had enlisted in the First World War and the 19 who had died was unveiled. A second plaque was erected by the Royal Canadian Legion Branch 551 to the honour those who served in the great wars.

The building is one of three buildings to serve as a Veterans memorial in the City. The other two are located in Binbrook and Carlisle. When built, it was one of 12 such buildings in Canada.