Pennsylvania founder and Quaker William Penn donated the land to the Society in 1693 as a burial ground for members. The meetinghouse was built between 1803 and 1805 atop the graveyard and then enlarged in 1811, when the west wing was added to accommodate the Women's Monthly Meeting. The original east wing now houses exhibits on the life of Penn, and the west wing is used for meetings for worship.
Notable members have included abolitionist Lucretia Mott. Edward Hicks, the noted painter and cousin of Elias Hicks, attended the yearly meeting.
The meeting house was listed on the National Register of Historic Places in 1971 and declared a National Historic Landmark in 2011.