The stage was originally conceived in 1976 by production designer Ken Adam to house the set he had designed for the interior of the Liparus supertanker in the James Bond film The Spy Who Loved Me.
The stage's construction cost $1.8 million. The stage was christened the "007 Stage" on 5 December 1976 during a ceremony attended by former British Prime Minister Harold Wilson. In contrast to the volcano crater set Adam had built for You Only Live Twice in 1966, the 007 Stage was to be a permanent structure that could be rented out to other productions.
The 007 Stage burnt to the ground on 27 June 1984 towards the end of filming of Ridley Scott's Legend. It was rebuilt, and reopened in January 1985, with the new name, "Albert R. Broccoli 007 Stage", in time for filming to commence on A View to a Kill (1985).
Another fire occurred on 30 July 2006. The fire occurred just after production ended on the Bond film Casino Royale while the Venetian piazza set was being dismantled. Eight fire engines took 90 minutes to bring the fire under control; a spokesman for the local fire brigade said gas canisters may have exploded inside the building. Filming had been completed on the stage several days before and it was being dismantled, so it did not delay production or release of the film.
The damage to the building was extensive causing the roof of the building to collapse. On 31 July 2006, Pinewood issued a statement indicating that the stage "will need to be demolished and rebuilt" and that there had been no casualties in the incident. The fire-damaged stage was demolished on 13–14 September.
Construction on the new stage began on 18 September and was completed in under 6 months. The new stage was redesigned and included a number of new features including an increased working floor space area, enclosed stairwells to the gantry, a vehicle ramp into the tank, aircraft hangar-style loading doors, increased electrical power and better insulation. The new stage is 374 feet (114 m) long, 158 feet (48 m) wide and 41 to 50 feet (15 m) high (114 x 48 x 12–15 m). The stage is the biggest in Europe around 59,000 sq ft (5,500 m2).