The first in chronological order of the three main theatres of the city, it was built thanks to the initiative of the Perugininan aristocracy. Built between 1717 and 1723 with a wooden structure, it has been rebuilt following a project by P. Carattoli in the second half of the XVIII Century.
For its construction a private society was set up with sixty noble citizens. It was decided to place it in the best site of the centre piazza de’ Corsi (today piazza della Repubblica). The first theatre, finished in 1723, was totally built in wood, in a rectangular shape with 67 boxes in four rows.
In 1765, due to some visual defects, a demolition was decided and the project by P. Carattoli was approved. The new structure, in brick and stones, was shaped as a horse shoe, as the Teatro Argentina in Rome.
In 1816 was built a little portico surrounding the stalls, later subdivided in boxes, becoming therefore the first order. In 1820, the Accademici decided to expand the theatre, buying a part of Palazzo Graziani, in order to build a wider staircase to enter the stalls.
In 1831, an elevated mobile stalls was opened that, being placed at the same level with the stage, transformed it in a wide ballroom. In the same year a new building close to the stage in order to create a storage place for scenes.
The pictorial decorations of the boxes parapets were made by the Peruginian painter S. Mariotti, who painted there renown theatre authors of different epochs. The painter from Bologna R. Compagnoni made several stage sets and F. Appaini, in 1772, painted the curtain "Turrena in atto di ammirare il trionfo della dea Giunone"(Turrenia looking the triumph of Gino), a divinity to whom in ancient times the peacock was dedicated as iconic animal.
In 1830, followed another decorative action by A. Angelini and V. Baldini. Through the years 1853-58 can be traced the decorations still visible today, with grottesche of Neo-Renaissance taste, made by the painter from Perugia N. Benvenuti, in imitation of the Pergola theatre in Firenze.
The theatre has been host to several historic events as the celebrations on the 7 October 1860 for the annexation of Perugia to the Reign of Italy.