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Pada permulaan abad ke-20-khususnya, di Melbourne pada 1908 seorang doktor gigi Dr Arthur Russell, yang, pada masa lapangnya, seorang pemain cornet dan seorang ahli ajaib, membeli suatu saham dalam sebuah sirkas pengembaraan Amerika, digelar Hoyts Circus, dan mengembara dengan mereka sebagai seorang penetap ahli ajaib. Selepas suatu pengurusan yang malang kewangannya, Russel kembali pada pekerjaannya sebagai seorang doktor gigi.

Undeterred, he leased the old St. Georges Hall in Bourke Street, Melbourne(later known as the Hoyts Esquire), and began showing short films on Saturday nights. Unlike his previous venture, it was successful, and as a result, he formed a new company called Hoyts Pictures Pty. Ltd. By the time he died at the end of World War I, Hoyts had expanded into the suburbs of Melbourne, and into Sydney.

Pada 1926, Hoyts and two other companies, Electric Theatres Pty. Ltd. and Associated Theatres Pty. Ltd., merged to become Hoyts Theatres Limited. In 1932, the Fox Film Corporation (now Twentieth Century Fox) secured a major shareholding in the company.

In August 1982, Twentieth Century Fox sold Hoyts to a group of four Melbourne businessmen. In April 1985, the Fink family brought out the other partners to become the sole owner. The Finks began to expand the company, into areas such as film distribution, home entertainment, and cinema operations in New Zealand, USA, South America and Europe.

In 1987, the corporation was restructured and two of the companies in the corporation were listed on the Australian Stock Exchange: Hoyts Media and Hoyts Entertainment. However, the company that owned the cinemas, Hoyts Cinemas, was not floated until 1996. The years between 1987 and 1996 saw considerable expansion, so that by 1994, Hoyts was the 10th biggest cinema chain in the world and was owned by an American investment company—Hellman and Friedman—directors and senior management, and the Australian company Lend Lease Corporation.

In 1996, Hoyts Cinemas was floated and in 1999, the late Kerry Packer's private family company, Consolidated Press Holdings, bought the chain for $620 million (AUD$745.3 million). After that, Hoyts began to sell off cinemas. This trend began in 1999 when their Polish operations were sold, and in 2000 when their UK operations were also sold. In 2003, Hoyts sold its Hoyts America operations to Regal Entertainment Group.

In 2004, it joined forces with Village Roadshow and AHL to bail out Val Morgan Cinema Advertising, eventually taking their stake to 100% in 2005. In December that year, PBL and West Australian Newspapers purchased the company from Consolidated Press Holdings.

Hoyts currently has Australia's largest multiplex cinema screen, located in Hoyts cinema 5, Blacktown, Sydney NSW it measures 28 metres across.

On March 29, 2007, Hoyts opened their latest cinema in Sylvia Park , in Auckland, New Zealand - featuring what is now the largest 35 mm film screen in the world and bean bag seating.

In September, 2007, PBL and WAN sold each of their 50% shares in the Hoyts Group to Sydney-based private equity firm Pacific Equity Partners. The sale valued the company at $AU440 million.

In October 2008, Hoyts announced a takeover bid for Australian Multiplex Cinemas (AMC). The purchase did not proceed although Hoyts still hopes to return to Queensland, where previously they had theatres in Brisbane and a three cinema complex in Surfers Paradise on the Gold Coast under their name.

Digital Cinema capital investment plans

Hoyts Exhibition has announced plans to replace all film equipment with Digital Cinema equipment within an ambitious 18 month window, in preparation for the sale of the Hoyts group. The modernization of the equipment to the current Hollywood mandated Digital Cinema standard, is expected to cost the group somewhere in the order of 30 million AUD. This amount is subsidized by the Virtual Print Fee received from the participating Hollywood Studios. This 30M AUD cost is also expected to be offset by the significant reduction in staffing requirements (exhibitors in the USA are claiming a 90% reduction in projection staff post modernization). If Hoyts follow through with their capital investment plans, they stand a chance of relinquishing their position as the lowest capital investor in the Australian cinema exhibition industry.