Wat Ratchaburana was built by a Chinese merchant named Liab in late Ayutthaya period, and formerly known as Wat Liab. In the Thornburi period the temple was the residence of ecclesiastical dignitaries but it fell into decline. In 1793 during the reign of Rama I Chaofa Krommaluang Thepphitak (the King’s grandson) had the temple restored with the King’s support. It became the Royal Temple and was named Ratchaburana Ratchaworawiharn.
The temple was seriously damaged during World War II and deleted from the official list of royal temples. The Abbot, Phra Khuna Charawat, rallied support from the local community to restore the temple in 1962 and in 2007, on the 80th birthday of His Majesty the King Bhumibol, the Metropolitan Electricity Authority restored the main pagoda.