The Comédie-Française, a state theater  located in the Ier arrondissement of Paris, has its own troupe of actors. It was founded by a decree of Louis XIV. The repertoire at that time consisted of the collection of theatrical works by Molière and Jean Racine. The Comédie-Française today has a repertoire of 3,000 works and three theaters in Paris (salle Richelieu, next to the Palais Royal; théâtre du Vieux-Colombier; Studio-Théâtre).

The station was given its current name in 1989, soon after the opening of the new entrance to the Louvre Museum. It is named after the nearby Palais Royal and the Louvre. The entrance on Place Colette was redesigned by Jean-Michel Othoniel. In 2000, a century after Hector Guimard, he  transformed the Palais Royal-Musée du Louvre into the Kiosque des Noctambules: two crowns made of glass and aluminum conceal a bench designed for chance encounters in the sleepy city.