Founded in the 19th century. The first known as Teatro Municipal de Santa Cruz de Tenerife (Santa Cruz de Tenerife Municipal Theatre), first built in 1849 by the architect Manuel de Oráa (which was an idea from other important buildings of the Canarian parliament) and in classical-romance style, it was first opened two years later on January 1851, it underwent several works in the interior decoration in 1888 and other occasional improvements in 1895, 1899, 1901, 1905 and in 1908 and accommodated largely in the ending of the conclusion of the original project of Oráa. It underwend important works of modification in 1911, headed by Antonio Pintor, and it took two years to complete. These works saw a total renovation and the structute as well as the outside of the building were intact. From the beginning of 1923, the theatre would not have a specific denomination, it was just called the "theatre", other referred to "Teatro Isabel II" ("Isabel II Theatre"), "Municipal" and "Principal". Since 1923, after the death of Ángel Guimerá, the theatre was named in honor of a Tinerfeño dramaturgist. Since that time, no improvements have been done to the theater, since the due date in 1989, the theatre is in desperate need for repair and remodeling. One of these latest works of restoration were designed by the architect Carlos Schwartz. The construction of new and modern dressing rooms and saw multiple uses of "Espacio Guimerá". In the same way, the lobby was extended, repairs in the lateral façades were repaired and added new seats with a patio with a better design and a great comfortability. It inaugurated to the Auditorio de Tenerife (Tenerife Auditorium) in 2003 in which is the seat of the Orquesta Sinfónica de Tenerife (Tenerife Symphony Orchestra).
The building which had been done for 150 years, the theatre provided many actors and actresses, ballets, orchestras, musical companies, congresses have taken place. Between these events it forms a part of the Canary Islands Music Festival.
The place in which has been located have transformed into a significated neuralgic centre of cultural activity in the city of Santa Cruz, in its environs includesd the Centro de Arte la Recova and the Escuela Municipal de Arte Gráfico. The tranvía de Tenerife that serves the Santa Cruz-La Laguna area and the island no longer uses the theatre as its bus stop.