Opened in 1855 by the Hereford, Ross and Gloucester Railway, it became a junction station in 1873 when the Ross and Monmouth line was opened. The station was probably the most important one between Hereford and Grange Court, with two through platforms and a bay platform for the Monmouth services. Between 1873 and 1938, there were two signal boxes at Ross, and a single road engine shed was located at the point where the Gloucester and Monmouth lines diverged. Until 1933, the station was called just "Ross", but in 1931, the town was renamed to Ross-on-Wye, and the station followed suit two years (possibly also to avoid confusion with another "Ross" in Northern Ireland.
The station was probably at its peak usage during the 1930s, but post-war decline saw it lose passenger services to Monmouth at the beginning of 1959, and all remaining passenger services ceasing in 1964. Freight services would remain for a little longer, until the final closure between Ross and Lydbrook Junction.
The station buildings were demolished in the 1970s, although the engine shed building still survives. However, the Severn Valley Railway's Kidderminster station was based heavily on the plans of Ross-on-Wye.