When Masterton was surveyed in 1854 an area was set aside for "Public Reserve" on the site which is now Queen Elizabeth Park. However when the reserves were gazetted in 1861, Queen Elizabeth Park was included among the "Education Reserves". (Land from which revenue was generated to provide schools). As a result the land was leased and vested for rough grazing.
?Queen Elizabeth Park from the air
In 1870 an attempt was made to set the land aside for public use, but it was not until 1875 that a successful petition achieved acquiring the land for the town. A publicly elected Trust was formed in 1877.
One of the first Trustees was a local nurseryman W.W. McCardle who prepared plans for the park. The first major planting occurred in 1878. The park was known as "Masterton Park" until 1954 when it was renamed after the newly crowned monarch, Queen Elizabeth.